BioProcure and Prendio Announce Strategic Growth Investment From Primus Capital
Investment will further accelerate company growth and innovation across all services and offerings
BOSTON, October 18, 2023 (Newswire.com) - Prendio, the leading provider of cloud-based (Software-as-a-Service) eProcurement software and supplier marketplace solutions for life sciences, and sister company BioProcure, the leader in procure-to-pay support services for biotech, have today announced a significant growth equity investment from Primus Capital (“Primus”). Primus’ investment will support continued organic growth, expansion into additional life sciences markets, and further innovation and product development.
Since 2007, Prendio and BioProcure have been committed to the mission of simplifying and optimizing procurement for life science organizations, enabling them to focus on their core research and development activities. With an expansive supplier network of more than 10,000 leading suppliers, Prendio and BioProcure’s integrated procure-to-pay solutions help streamline procurement processes, enhance supplier collaboration, and deliver financial innovation and efficiency for high-growth life science companies of all stages.
“We’ve spent over 15 years helping leading biotech companies save time and money to accelerate research and development as they strive to deliver essential therapies to the world. Prendio and BioProcure are thrilled to partner with Primus to accelerate our growth and expand the mission-critical support we deliver to our clients,” said Vincent Bologna, Co-Founder and CEO of Prendio and BioProcure. “Primus’ investment, combined with their deep SaaS expertise and valuable industry experience, will allow us to further accelerate the development of our leading life science eProcurement platform and service offerings."
Phil Molner, Managing Partner of Primus, said, “Prendio and BioProcure have been pioneers in developing industry-leading software and outsourced-services solutions specifically designed to meet the unique procure-to-pay needs of the biotech and life sciences industries. We are thrilled to partner with the founders and management team at Prendio-BioProcure to continue their track record of innovation and growth serving these critical industry sectors.”
Aeris Partners LLC served as the exclusive financial advisor to Prendio and BioProcure. Latham & Watkins LLP served as legal advisor to Prendio and BioProcure, and Goodwin Proctor LLP served as legal advisor to Primus Capital.
About Prendio
Prendio is an industry-leading, cloud-based eProcurement solution created specifically for the life science vertical. Built by a team of industry professionals with over 50 combined years of experience in biotech procurement, lab management, and finance, the Prendio software was designed to relieve the pain points felt by research teams struggling with cumbersome and inefficient procure-to-pay systems. Prendio is an affordable, intuitive, and scalable solution designed to accelerate the progress of life science teams everywhere. For more information, visit https://prendio.com.
About BioProcure
Since 2007, BioProcure has been instrumental to the success of hundreds of emerging and established life science companies worldwide. By providing procurement services, accounts payable support, and other administrative assistance to research organizations, the BioProcure team has succeeded in securing billions of dollars in cost savings for the biotech research organizations they serve, and relieving lab teams of countless hours of administrative work, allowing them to invest more of their time and funding into their science and drive discovery faster. For more information, visit https://bioprocure.com.
Source: Primus Capital
