Technology Holdings is pleased to announce the strategic sale of Worrell, a healthcare design, innovation and product engineering firm, to Summit Partners-backed Veranex Solutions.
We are pleased to have chosen Technology Holdings as the advisory firm to work with us to find the right strategic fit. As a design and innovation services firm that focuses exclusively on healthcare, together with Veranex we can now offer a broader array of services to meet a growing demand from our clients. This year is shaping up to be a record year for our firm and Veranex is well positioned to help us sustain and accelerate our growth trajectory. We couldn't be more pleased with the Technology Holdings team, their understanding of the market and their process that delivered such a great outcome for us.
Headquartered in Minneapolis, with offices in London and Shanghai, Worrell provides research & strategy, digital design, product engineering and human factors consulting services to 24 of the largest 40 medical device, life sciences and biotech companies.
Technology Holdings acted as the sell side adviser to Worrell, and this is our third successful healthcare design and product engineering transaction in the last 3 years. Founded in 2021 with the acquisitions of five platform companies, Veranex is the first company exclusively focused on providing concept-to-commercialization services for medical technology companies. Together, Veranex and Worrell provide best-in-class design and engineering, market access, data management, medical device evaluation, as well as clinical, quality and regulatory expertise, to help healthcare companies develop products that bring value to patients and providers worldwide. The combined client roster includes some of the largest global medical device and life sciences companies such as Novartis, Roche, Boston Scientific and Medtronic. Worrell’s product engineering services will enable Veranex to better engage with clients during the initial phases of a product development lifecycle.
Terry Kavanaugh of Technology Holdings said, “Having recently delivered successful outcomes for other leading healthcare design firms such as Continuum (EPAM) and Insight Product Development (Nemera), we were aware of Worrell’s work and held the company in high regard. When afforded the opportunity to advise Kai and the team, we were incredibly enthusiastic as services-based M&A transactions are driven first and foremost by the quality of the people. The Worrell team is impressive and the strong level of strategic interest reflected as much. Congratulations to Kai and the entire team on the successful outcome and we look forward to supporting you as part of Veranex.”
Vivek Subramanyam, CEO of Technology Holdings said “As companies across the healthcare continuum embrace a culture of innovation to improve patient outcomes, the need for specialized digital and product engineering capabilities will continue to drive M&A appetite in the market, both from strategic and financial investors. Technology Holdings’ focus on digital transformation, design, innovation and product engineering is a differentiator for digital and human-centered design companies looking for growth opportunities.”
Veranex is the only truly comprehensive, global, tech-enabled service provider dedicated to the medical technology industry. Offering expert guidance from concept through to commercialization and across the development continuum, Veranex enables accelerated speed to market, controlled development costs, development risk mitigation, and accelerated market viability assessment. At every stage, Veranex customers realize efficiencies in cost and time, while its integrated and comprehensive solutions unify the entire development process. For more information, visit VeranexSolutions.com.
Worrell is a product design, development and strategy firm that works with 24 of the 40 largest medical device, life sciences and biopharma companies to improve lives globally through design. Worrell has expertise in product design, engineering, digital experience, human factors and FDA compliance.