Nordic Capital and Astorg announced an agreement to jointly acquire Cytel from New Mountain Capital. Cytel is a provider of statistical software and advanced analytics for clinical trial design and biometrics execution. The new owners will invest in the continued development of the business and its software. Cytel’s management team, led by CEO Josh Schultz, will continue to lead the organization.
The Company was founded over 30 years ago by statisticians Cyrus Mehta and Nitin Patel, who will continue to be active in the Company.
Headquartered in Waltham, Massachusetts, Cytel has more than 1,500 employees across North America, Europe and Asia. Cytel’s software and services are used by over 500 life sciences customers, including the world’s 30 top pharmaceutical companies, as well as regulatory bodies such as the FDA.
"We are delighted to welcome Nordic Capital and Astorg as our new owners and partners. They have an extensive track-record of commitment to medicine and data science, and we share several common experiences in developing and growing leading healthcare and technology businesses. It is this common foundation of vision and values which makes them ideal to support our continued growth and strategy. With Nordic Capital and Astorg, we have strong new partners at our side with expertise networks, cultural fit and a focus on innovation and quality that will benefit both our customers and employees. I also want to thank New Mountain Capital for their support over the last several years. They have helped us achieve our strategic objectives and we are now ready to take the next step on our journey," said Joshua Schultz, CEO, Cytel.
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"Cytel is a fantastic company. We’ve been impressed with its unique position, outstanding reputation and trust within complex clinical trials and statistical science, and we look forward to supporting Cytel’s expansion in partnership with the management team and founders," said Judith Charpentier, Partner and Head of Healthcare, Astorg. "Together, we will fuel Cytel’s growth, with a shared vision of building a leading provider of advanced analytics and software for the life sciences industry," said Daniel Berglund, Partner, Nordic Capital Advisors.
"We are proud of Cytel’s leading position and growth in enabling clinical trial optimization for the advancement of life-saving therapeutics. Over the past three years, New Mountain supported the transformation of Cytel into a cutting-edge pharma technology and analytics platform through strategic acquisitions and organic business building," said Kyle Peterson, Managing Director, New Mountain Capital. "New Mountain partnered with Cytel in 2017 as a result of the firm’s sector deep dive in life sciences and technology-enabled business service companies that both raise quality and lower cost. We believe in the strong value proposition of the Company and are confident that Cytel’s management, in partnership with Nordic Capital and Astorg, will continue the Company’s successful path forward," said Matt Holt, Managing Director, and President of Private Equity at New Mountain Capital.
The terms of the transaction were not disclosed. The transaction is subject to customary regulatory approvals.