Albion Ventures has led a GBP3.2m investment round in Exco InTouch (Exco), an electronic Patient Reported Outcomes (ePRO) and patient engagement software business.
Founder investor, Scottish Equity Partners (“SEP”), also participated in the round and remains the company’s largest shareholder.
Founded in 2004 by its current CEO, Tim Davis, Exco provides mobile and digital services to pharmaceutical companies for the engagement and collection of information from patients in clinical trials and real-life settings (ePRO). This rapidly growing sector is being driven by the increasing need to demonstrate actual benefits of medical treatments for regulatory and reimbursement purposes. Exco’s unique offering leads the market in the use of patients’ own mobile devices, reducing the cost for customers and improving user compliance.
The firm is based in Nottingham and currently has approximately 75 staff, with sales offices in the USA and Canada.
Counting 16 of the top 20 pharmaceutical companies among its clients, Exco also serves the BioPharmaceutical sector and works in partnership with several leading global contract research organisations (CROs). To date the company has engaged with over 900,000 patients in 88 countries, delivering over 3.5 million compliant messages and collating over five million data transactions in 70 languages.
Andrew Elder, partner at Albion Ventures, says: “This is an exciting new investment for Albion; led by an experienced executive team with an impressive track record, Exco has a strong competitive advantage in a fast growing sector. Globally, one-in-five patients suffers with chronic long term conditions and it is clear that providers need to deliver care more efficiently if healthcare is to remain affordable. Exco’s impressive client base underlines its proven ability to help healthcare providers and pharmaceutical companies overcome this complex challenge. We are excited by the prospect of taking Exco to the next level.”
Tim Davis, Chief Executive of Exco InTouch, says: “As seasoned investors in the healthcare IT sector it soon became clear that Albion had the right credentials to support us through the next stage in our development. With the experience, strategic direction and active support of both Albion and SEP, we look forward to entering a new phase of growth.”
Jan Rutherford, a Partner at SEP, says: “Exco holds a respected position in the clinical technology industry and is trading strongly, having increased revenue by 66% in the last financial year. We have been investors in the company since its early days, and this financing will enable further operational development as the company moves towards significant and sustained revenue growth.”
