Since 2005, OrthoHelix developed and marketed specialty implantable screw and plate systems for repair of small bone fractures and deformities predominantly in the foot and ankle. In 2008, River Cities led the $14M Series C round alongside existing investor Mutual Capital Partners. As the largest shareholder in the company, River Cities invested more than $8M in OrthoHelix over the course of two years. During the firm's investment horizon, OrthoHelix achieved profitable operations with a 7-fold increase in revenue and gross margins north of 70%. In addition, total employment at OrthoHelix more than tripled from 2008 to 2012.
Dennis Stripe, President and CEO of OrthoHelix, commented, "River Cities approached their investment in a way that made you feel like you had another positive resource. It was a true professional partnership with positive support and interaction. At the same time it is all about performance, and River Cities kept keenly aware of our business practices."
ERT Acquires invivodata
River Cities led the Series D financing round in 2006 and invivodata progressed substantially during the firm's investment. For the last three consecutive years, invivodata reported growth in bookings, revenue and profitability enabling the company to substantially increase headcount to meet the needs of its expanding worldwide customer base. Additionally, the company experienced record growth in 2011 stemming from the addition of more than 160 clinical projects.
"Thanks to the management team's persistence and commitment, invivodata established itself as the leading ePRO provider in the market," said River Cities' Rob Heimann.
"Our dedicated team of employees has worked tirelessly over the past 12 years to build a company that delivers true value to our customers," commented Doug Engfer, CEO of invivodata. "Becoming a part of ERT will enable us to enhance the value we deliver. We truly appreciate the trust our customers have placed in us, and we look forward to expanding those relationships with our new colleagues at ERT."