Healthcare data giant buys Gothenburg company in major deal
Monocl, a fast-growing company that connects stakeholders in life science and healthcare through software, has been acquired in a major deal by US information services firm Definitive Healthcare.
Monocl was started in Gothenburg in 2011, and today it also has an office in Boston, where it is now headquartered. The company is a well-known provider of medical and scientific expert data and insights. It has developed a platform that allows its user to easily identify and engage with the right experts within life science and healthcare from around the world.
The company’s customer portfolio includes many of the big pharma and instrument manufacturers.
“You could say it’s a bit like LinkedIn for the pharmaceutical industry. The difference is that we use machine learning algorithms to automatically create the millions of expert profiles that exist in our platform. Previously, it would have required hiring a consultant, who would charge several hundred thousand SEK to search manually for the right person,” Felix Jansson, head of customer experience at Monocl, previously told the Swedish tech news site Breakit.
The buyer is Definitive Healthcare, a leading provider of data, intelligence, and analytics on the healthcare provider market. It is also headquartered in the Boston region.
In a statement, Bjorn Carlsson, CEO and co-founder of Monocl said:
“We are thrilled to unite the power of our groundbreaking expert platform with Definitive’s comprehensive and complementary healthcare provider platform and medical claims analytics. This is truly an example of the whole being much greater than the sum of its parts.”
According to the press release, Monocl will continue to serve its worldwide customer base under its current brand, as a Definitive Healthcare Company. It will also maintain its existing operations in Sweden and the US. Bjorn Carlsson will be a member of Definitive Healthcare’s executive leadership team.
The details of the acquisition were not disclosed; although Björn Carlsson told Swedish newspaper Göteborgs-Posten, that it concerns many hundreds of millions of SEK. The newspaper also writes that Definitive Healthcare takes full ownership of Monocl, while many of Monocl’s owners become part owners of Definitive Healthcare.
Comment from Business Region Göteborg’s industry specialists:
“Monocl’s platform for identifying key opinion leaders offers a clear value to biopharma companies engaged in drug discovery and development activities, as the life science industry relies heavily on highly technical and scientific knowledge. I have followed Monocl from the time it was only Björn [Carlsson] and Tobias [Thornblad]. We have been together at many international partnering and investment events along the years. They were early in doing what not everybody else was doing,” says Iris Öhrn, investment advisor for life science at Business Region Göteborg.
“I first met Monocl when they were at a very early phase and I tried to support them by providing feedback and connecting them with qualified contacts. Data, AI, competence and expertise are not easy to transform into IT-applications, but from my first meeting with the company, I realised these guys are really into something that can scale. And that gut feeling was right,” says Erik Behm, area and investment manager for ICT at Business Region Göteborg.
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