Private equity makes ‘strategic growth investment’ in heart CT, MR firm Circle Cardiovascular Imaging
Canadian software provider Circle Cardiovascular Imaging has scored a “strategic growth investment” from U.S. private equity firm Thoma Bravo, leaders announced March 16.
Financial terms of the deal were not disclosed. But the two said the funds will help fuel product innovation and future expansion. Based in Calgary, Alberta, Circle CVI develops artificial intelligence-based solutions for reading, reporting and processing CT and MRI scans. Its imaging platform, cvi42, is currently used in more than 1,000 hospitals spanning 50 countries.
“We're excited to partner with Thoma Bravo, one of the world's largest and most experienced software investors, as we embark on the next phase of our growth journey and expand our market-leading position," Greg Ogrodnick, CEO and co-founder of Circle CVI, said in a statement.
Thoma Bravo bills itself as one of the biggest PE firms in the world with $91 billion in assets under management as of September and offices in Chicago, Miami and San Francisco. Deutsche Bank Credit Solutions and Direct Lending provided financing for the transaction, which is expected to close in 2022’s second quarter.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.