ERT to Acquire Biomedical Company Invivodata
- Jul 12, 2012
by Adriana Pop, Associate Editor
Global technology company ERT purchased Pittsburgh-based biomedical company Invivodata, Inc. for an undisclosed amount. The acquisition positions ERT as a leader in Clinical Outcome Assessments.
The transaction was facilitated by San Francisco-based private equity group, Genstar Capital LLC, which recently announced it has completed the acquisition of ERT.
In June, Invivodata changed its corporate headquarters by signing a lease for approximately 28,000 square feet of space in the seven-story Commerce Court building located at Station Square in the South Side.
Invivodata registered three consecutive years of revenues growth and profitability and reported record growth in 2011, through the addition of over 160 clinical projects. Industry reports show that the market for the collection of clinical outcomes data is expected to grow by over 50 percent in the next three years.
“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,” said Doug Engfer, CEO of Invivodata.
In other news, Pittsburgh-based Renewable Manufacturing Gateway, a nonprofit group that organizes private equity investors, and Dallas-based EarthCure Inc. are planning to develop a precious metals refinery in Pittsburgh’s Strip District.
According to the Pittsburgh Business Times, the refinery, called EarthCure Pittsburgh, will process jewelry, bullion and high-value medical waste to produce precious metals such as gold, silver or platinum. It is expected to take between 10,000 and 15,000 square feet and employ about nine people in its initial phase.
“EarthCure’s goal is to make Pittsburgh a leader in environmentally safe and efficient refining operations in the United States. Together RMG and EarthCure Pittsburgh seek to make Pittsburgh a center in the growing market of precious metals refining and medical waste recycling,” EarthCure Pittsburgh CEO Michael Alberts told the newspaper in a written statement.
The facility is expected to generate $100 million in revenue by 2016. Operations are slated to begin by the end of the year or early 2013.
Photo credits: southsidepghpa.com