424 Capital announced today that it has closed a significant investment with PTP of Norwood, MA.
The move by 424 Capital aims to enhance PTP’s impact on life sciences clients by fueling development in increased capabilities and creating a presence in new geographies.
PTP has a proven track record of successfully guiding biotechnology companies through the complex landscape of pipeline workflows for drug discovery and development from its base in the Boston, MA area. With 424 Capital’s investment, PTP will increase the breadth and depth of services that empower companies in the therapeutics space to get treatments to market.
424 Capital partners with companies who practice the kind of corporate stewardship that can positively impact an industry and help change the world. Integrity and honesty form the foundation between 424 Capital and its portfolio partners on which the team builds long term value.
“We are excited to close this investment with 424 Capital,” said Ethan Simmons, Managing Partner of PTP. “The power of PTP’s cloud and managed services portfolio combined with the additional business-growth expertise of 424 Capital will enable PTP to provide valuable services and cloud solutions to a greater number of life sciences clients and net-new markets.”
Brennan Mulcahey, Managing Partner of 424 Capital, expressed similar enthusiasm for the investment: “424 Capital seeks to partner with leading organizations that have the opportunity to shape the future of their industry. We feel that PTP is that type of company, primarily because of the team that PTP has assembled. 424 Capital is incredibly excited to bring its expertise in growing similar businesses, including deep domain experience in the IT services market. 424 Capital is thrilled to be partnering with PTP to take the organization to new heights.”
The partnership between PTP and 424 Capital is expected to have a significant impact to startup and growing life sciences companies who are cloud-first and require a partner with deep lab and scientific experience while having the depth of full-portfolio managed services.
Canaccord Genuity advised PTP on the transaction.
PTP is an Amazon Web Services (AWS) Advanced Consulting partner with the Life Sciences and Managed Security Services Competencies, providing strategic guidance and IT managed services to biotechnology companies. PTP’s team of experts is dedicated to helping clients navigate the complexities of drug discovery and development, ensuring the delivery of innovative treatments to patients worldwide by leveraging the capabilities of AWS.
About 424 Capital
424 Capital is a capital partner that invests in lower middle market companies in the tech enabled services space. 424 Capital works in partnership with founders and management teams to accelerate and scale for long-term growth. Focusing primarily on investments in healthcare and renewable energy, we invest in, empower, and enable companies to step up, stand out, and make a difference in the world. For more information about 424 Capital, please visit 424capital.com.