CRIO Poised for Continued Expansion Following Significant Investment by The Riverside Company
May 21 2024 - 9:00AM
Business Wire
Industry leading eSource provider plans accelerated expansion of
its product roadmap to further enhance its value proposition to
clinical research sites, biopharmaceutical companies and CROs.
CRIO, Inc., a leading provider of eSource and other eClinical
technologies, announced that it has received a significant
investment from The Riverside Company, a global growth oriented
private equity firm.
CRIO’s industry-leading eClinical platform is designed to
streamline research at the site-level, with fully integrated
eSource, site CTMS, eConsent, EDC, remote monitoring, and source
data verification solutions. CRIO’s platform provides research
sites, sponsors and CROs with compelling value, and has rapidly
attracted a large and growing base of hundreds of customers. Its
innovative, integrated direct data capture solution reduces the
cost and increases the speed of conducting a clinical trial while
improving data quality. The investment will provide for further
expansion of CRIO’s capabilities, which directly challenge
incumbent methods of capturing clinical trial data and managing
research site workflows.
“CRIO was founded with a mission to design and deliver a modern,
intuitive and integrated software platform that reimagines clinical
trials for quality, speed and patient centricity. We are already
delivering on that promise to our existing clients in a way that
has dramatically reduced site burden,” said Raymond Nomizu, CRIO
Co-Founder and Co-CEO. “This investment will allow us to continue
to build on our vision which will result in less waste in the
clinical trials process, making it faster and cheaper to bring life
changing therapies to patients.”
“We are especially excited to partner with The Riverside Company
because of their track record of success with companies like ours,”
said Jonathan Andrus, CRIO Co-CEO, “Not only will their financial
investment help us achieve our goals, but we are confident that
their deep industry expertise and high-touch operational model will
create significant value for our clients.”
“We’ve been impressed with the compelling value proposition
provided by CRIO’s solutions and its rapid growth profile. The
solutions automate and centralize data capture, drive trial
protocol compliance, eliminate transcription, automate site
financial functions, and save sites and sponsors time and money,”
said Senior Partner Joe Manning. “Riverside’s investment will help
the company accelerate its product development efforts as it
broadens its product suite, expand internationally, and enhance its
customer support.”
Edgemont Partners served as exclusive financial advisor to CRIO.
Nutter, McClennen & Fish served as legal advisor.
About CRIO
CRIO, the leader in eSource technology, is an enterprise grade
eClinical solution transforming clinical research. Research sites,
academic research centers, pharmaceutical and biotechnology
companies are able to streamline workflows with a system that
enables a single point of data capture. CRIO’s mission is to design
and deliver a modern, intuitive, and integrated software platform
that reimagines clinical trials for quality, speed, and
patient-centricity. Learn more at clinicalresearch.io.
The Riverside Company
The Riverside Company is a global investment firm focused on
being one of the leading private capital and credit options for
investors, business owners and employees at the smaller end of the
middle market by seeking to fuel transformative growth and create
lasting value. Since its founding in 1988, Riverside has made more
than 1,000 investments. The firm's international private equity and
flexible capital portfolios include more than 140 companies. For
more information, visit: www.riversidecompany.com.
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Brook White Vice President, Marketing & Commercial
Operations (919) 215-4184 brook.white@clinicalresearch.io