Waud Capital Partners Acquires Science Exchange to Fuel Innovation in Life Sciences Supplier Orchestration Technology
Science Exchange Poised for Transformative Growth with Backing from Leading Private Equity Firm
CHICAGO, Sept. 30, 2024 /PRNewswire/ — Waud Capital Partners (“Waud Capital”), a growth-oriented middle-market private equity firm specializing in the software & technology and healthcare sectors, today announced the acquisition of Science Exchange, a leading provider of life sciences procurement and supplier management SaaS solutions. This acquisition marks a significant milestone in Science Exchange’s journey and will compound the company’s impressive performance, growth trajectory, and software capabilities. Waud Capital’s partnership will enable the company to accelerate its mission to transform the purchasing and supplier orchestration landscape for life sciences organizations.
Waud Capital’s strategic acquisition comes after a thorough evaluation of the life sciences procurement technology market, during which Science Exchange separated itself as a standout leader. The company is distinguished by its innovative, modern cloud supplier orchestration platform, delivered through a transparent SaaS subscription model. The platform digitizes procurement workflows including initial supplier and product discovery, contracting and compliance management, RFP management, purchase and change orders, internal approvals, spend and pricing intelligence, and invoicing and payment. The solution has rapidly gained traction among the scientists and procurement teams of top global pharmaceutical companies and biotech organizations as it drives substantial cost savings, streamlines supplier collaboration, and accelerates project execution.
“With Waud Capital’s support, we are poised to further solidify our position as the premier SaaS supplier orchestration platform in the life sciences industry,” said Elizabeth Iorns, Ph.D., CEO & Co-Founder of Science Exchange. “Our platform has already transformed how life sciences companies work with their suppliers, and this partnership will enable us to accelerate our product innovation, drive even faster growth, and expand our impact across the industry. Waud’s proven track record in scaling technology companies, combined with their deep experience in healthcare and life sciences, make them the ideal partner to help us unlock the next phase of Science Exchange’s evolution. I am excited to work closely with the Waud team to broaden our offerings, deliver unparalleled value to our customers, and ultimately, help bring therapeutics to market more efficiently and effectively.”
“Waud Capital’s acquisition of Science Exchange is a testament to the strength of their technology and the leadership team’s vision,” said Matthew Clary, Partner at Waud Capital. “This partnership combines our experience investing in software, HCIT and pharma services, and aligns perfectly with our strategy of investing behind strong leaders with differentiated solutions in attractive end markets.”
Paul Sutphin, Principal at Waud Capital, added “It’s rare to find procurement software that customers rave about, and that’s what impressed us the most. Forward-thinking procurement leaders are leveraging Science Exchange’s subscription model and extensible cloud platform into increasingly complex parts of their organizations, driving significant time and cost savings which they can re-invest into R&D and drug development.”
Under Waud Capital’s ownership, Science Exchange plans to expand its product portfolio, invest in innovative technologies, and elevate its market presence to reinforce its standing as the premier SaaS supplier orchestration platform in the life sciences sector. Elizabeth Iorns, Ph.D CEO & Co-Founder, along with Dan Knox, COO & Co-Founder, and Tzlil Hadass, Chief Revenue Officer, will retain their leadership roles, ensuring continuity for customers and stakeholders.
Mark Layden, Operating Partner at Waud Capital, will join the company as Executive Chairman. “I am incredibly excited to join Science Exchange at this pivotal moment in its growth journey,” said Mark. “Elizabeth and Dan have built an exceptional business with a truly innovative platform that is already transforming the life sciences sector. With Waud’s backing and the strength of this talented leadership team, I am confident that Science Exchange will continue to set the standard for supplier orchestration, driving even greater value for its customers and unlocking new opportunities for growth and innovation across the industry.”
Houlihan Lokey acted as financial advisor to Waud Capital. Kirkland & Ellis LLP acted as legal counsel to Waud Capital. Union Square Advisors acted as financial advisor to Science Exchange. Fenwick & West LLP acted as legal counsel to Science Exchange. Terms of the transaction were not disclosed.
About Science Exchange
Science Exchange is the first procurement and supplier orchestration cloud software platform for life sciences companies. The platform digitizes and streamlines complex procurement workflows spanning the entire purchasing lifecycle, from vendor and product discovery through purchasing and payment. Many of the world’s top pharma and biotech organizations rely on Science Exchange to help accelerate their research, automate manual processes, and advance their programs faster. For additional information on Science Exchange, please visit www.scienceexchange.com.
About Waud Capital Partners
Based in Chicago, Waud Capital Partners is a growth-oriented private equity firm with over 30 years of investing experience. Waud Capital seeks to partner with experienced management teams to build market-leading companies within two industries: software & technology and healthcare. Since its founding in 1993, Waud Capital has completed more than 460 investments, including platform companies and follow-on opportunities. For additional information on Waud Capital, please visit www.waudcapital.com.
Contact
Jessica Schmitt
Head of Investor Relations
jschmitt@waudcapital.com
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SOURCE Waud Capital Partners
