The company

PathXL specialises in web-based solutions that enable digital pathology and is particularly focused on the market for tumour identification algorithms and associated workflow tools.  PathXL’s TissueMark software allows pathology labs to use digital scanners in processing tissue samples to identify and analyse tumours in a growing number of key cancer types.

The opportunity

Par Equity were attracted by the target niche identified by PathXL, with digitisation of pathology results ultimately able to improve cancer diagnosis through faster and more accurate detection. The pharmaceutical and medical manufacturing sector provided the opportunity for rapid commercialisation, with involvement at board level enabling Par to have a tangible benefit on this process. The Par Syndicate and Par Syndicate EIS Fund completed their initial investment in the company in November 2012.

The exit

PathXL was acquired by Philips in June 2016 providing the technology with a platform to be developed further as part of a powerful and globally-recognised brand name. The enterprise value of acquisition generated around a 2.7x cash on cash return for Par investors.

What they said

Des Speed, CEO of PathXL commenting "Par Equity’s investment, management expertise and advice have been invaluable to us as we have developed our technology and grown as a business over the past four years. We are extremely grateful to them for their involvement."