Norwest Venture Partners (NVP) has purchased a majority stake in Brighton-based iCardiac Technologies, according to Democrat & Chronicle. The financial terms of the acquisition deal were not disclosed in the said report.
EIN Newsdesk cited NVP healthcare investment leader Dr. Ryan Harris saying: "We look forward to helping the team continue to innovate its research and grow its team, which is bolstered by key contributors to several FDA working groups advancing the field of cardiac safety. We look forward to partnering with iCardiac as a value-add investor to help the company pursue strategic opportunities and serve its customers even more broadly in the years to come."
NVP will take over the stakes of Trillium Group, Advantage Capital Partners and Stonehenge Capital in iCardiac. Under the terms of the said deal, Dr. Harris and another investment leader from NVP, Dr. Robert Mittendorf, will become part of iCardiac's board. The management of the firm will also remain the same, the report detailed.
Launched in 2006, iCardiac is the biggest ECG core laboratory that caters to the pharmaceutical industry. The Brighton-based firm currently employs 70 employees, the report said.
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