CRIO Poised for Continued Expansion Following Significant Investment by The Riverside Company
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.
Boston, MA, May 21, 2024 – 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.
Contact:
Brook White
Vice President, Marketing & Commercial Operations
brook.white@clinicalresearch.io
