Belfast based 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 innovative and unique TissueMark software allows pathology labs to use digital scanners to quickly process tissue samples and analyse tumours in a growing number of key cancer types.
Par Equity was attracted by the niche market identified by PathXL, with the increasing digitisation of pathology results dramatically improving the prospects of PathXL’s innovative TissueMark solution able to improve the speed and accuracy of cancer diagnosis. The pharmaceutical and medical manufacturing sectors represented the greatest opportunity for the business, and with the support of key members of the Par Syndicate on the board, the business was able to build traction in these keys markets. Par Equity made its initial investment in the company in November 2012, and the supported the business with 3 follow-on rounds of investment.
PathXL was acquired by Philips Healthcare in June 2016 providing the technology with a platform to be developed further as part of a powerful and globally recognised brand name. The sale represented a blended 2.6x money multiple for Par Equity investors and a 37% IRR.
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."