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HgCapital has today announced an investment in Evaluate Group (“Evaluate”), a London-headquartered provider of commercial intelligence to the global life sciences industry. The terms of this transaction have not been disclosed.

Evaluate is the trusted provider of mission critical commercial information for complex business decisions to the pharmaceutical industry. Evaluate’s core product is an industry leading set of analyst consensus forecasts that provides detailed insights at the product, disease, indication and geographic level. Evaluate creates value by structuring, normalising and integrating data from company filings, research organisations, and government bodies and providing tools that drive analytical insights from data.  Evaluate was the first mover in this particular space and is a leading provider today.

The investment in Evaluate reflects another example of the Mercury team’s approach to investing behind technology businesses which occupy growing niches, typically led by founders seeking to identify an expert partner who is able to help them further scale their business.  The Company exhibits a number of the business model characteristics that HgCapital looks for including:  a focus on recurring subscription contracts, a track record of consistent double-digit revenue growth, high levels of customer advocacy and operating within a segment with long term growth potential.

This represents the eleventh investment from the Mercury Fund and the fourth investment this year following other recent investments in Germany and France.

HgCapital was advised by Portico Capital, Weil, Gotshal & Manges and Deloitte. Evaluate was advised by Quayle Munro, RPC and EY.

David Issott, Director in the Mercury team, said:

“We are delighted to be partnering with the team at Evaluate for the next phase of their journey. Evaluate represents exactly the type of investment opportunity that we raised Mercury to support: a founder entrepreneur looking for a value-add partner to help scale their business and fulfil its potential. We are also pleased to be making a second investment in healthcare IT, a core sub-sector for HgCapital.”

Jonathan de Pass, Founder and Chairman of Evaluate, said:

“The HgCapital team impressed us with their deep understanding of our market and business. The management team and I are delighted to be partnering with HgCapital to realise our strategy of becoming the recognised leader in commercial life sciences information and analytics.”