Letter from the CEO
Since our launch in 2016, CRIO has achieved our mission of becoming the leading site-centric eSource and CTMS technology, now reaching 2,000+ sites in 25+ countries.
To prepare for CRIO’s upcoming growth phase, we conducted a meticulous fundraising process led by a healthcare specialized investment bank. Following extensive engagement with potential investors, we are thrilled to announce our partnership with The Riverside Group, a distinguished growth equity firm renowned for its expertise in software, healthcare, and, notably, the eClinical sector, as evidenced by their prior investment in Greenphire.
Riverside has acquired a controlling stake in CRIO and has further bolstered our growth trajectory with an additional capital injection. Our existing management team will continue at the helm, supplemented by the strategic addition of senior leadership, including a new CFO slated to join next month. Riverside brings more than just financial backing; they will offer invaluable operational guidance and consulting, drawing from their extensive track record of fostering success in the mid-market segment, particularly within rapidly expanding technology firms such as CRIO.
Jonathan Andrus and I have assumed the shared role of Co-CEO. Jonathan, who joined us as President and Chief Operating Officer two years ago, has played a pivotal role in propelling our organization’s growth and spearheading our expansion into new markets. Our collaborative approach to leadership has long been established, and by formalizing our positions as Co-CEOs, we can now strategically divide our focus within the company. Jonathan will take the lead on sales, marketing, and customer experience, while I will concentrate on product development, engineering, and M&A activities.
In the coming years, expect to see substantial improvements to our software platform. Near-term, we will be launching several major modules. These include:
- Our new, revised eSource data collection module
- Revised GAAP-oriented finance database that tracks changes at the transaction level
- A Partners Program that includes a network of pre-integrated recruiting vendors
- Central Lab integration and digital workflow for investigator review of lab values
- Launch of CRIO Connect to promote the use of CRIO sites by sponsors and CROs
- AI chatbot for enhanced customer support and improved training searches
Longer-term, we will achieve our vision of becoming a site-centric end-to-end platform for clinical research, whether through organic development, acquisition or partnership. Prioritized target areas are:
- Enhanced eSource functionality, including cross-form logic, timed alerts, repeatable visits, procedure-specific file uploads, and corresponding review capabilities in Reviewer.
- eSource-EHR interoperability, including the ability to enable two way communication with sites’ local EHR systems.
- APIs to seamlessly integrate IWRS, ePRO, device and other vendors into the site workflow, enabling sites to send and receive data to and from CRIO.
- Enterprise-grade eRegulatory system for multi-site document management, and centralized startup management.
- Continued improvements in Finance and other CTMS capabilities, such as cross-site invoicing and payments, more powerful user management, and more.
Thank you to all of our employees, clients, and partners who have helped bring us to this milestone. Together, we’re poised to propel clinical research into the future!
