Water Street and JLL Partners Acquire THREAD to Build Telehealth Virtual Visit Platform

On August 28, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that investment firms Water Street Healthcare Partners (Water Street) and JLL Partners announced the acquisition of the health information technology company THREAD. No financial terms of the transaction were disclosed.

Following the completion of this acquisition, THREAD will expand its global product market, and its leadership team will continue to oversee the company’s daily operations. Meanwhile, Dr. Mark A. Goldberg, a leader in the life sciences sector, will serve as Executive Chairman of THREAD.

THREAD, headquartered in Orange County, California, USA, is an innovative medical technology provider. The company is dedicated to developing digital clinical trial solutions and leveraging advanced technologies to serve clinical research.

THREAD has developed a virtual visit platform to replace traditional on-site outpatient processes. During virtual visits, researchers can remotely access patient data via mobile devices, conduct observations, and guide patients through self-assessments of their health status. The findings from each visit are recorded directly into eSource forms within the THREAD platform.

THREAD’s virtual visit platform is available for use by biopharmaceutical companies, contract research organizations (CROs), researchers, and life sciences organizations. The company’s team collects data such as patient case reports prior to telemedicine consultations, helping researchers identify outpatient populations better suited for virtual visits. THREAD aims to shorten research cycles and reduce clinical trial costs through its virtual visit platform.

THREAD enables secure data transmission and integrates with existing data systems. The company’s technology platform interfaces with hundreds of wearable devices, medical devices, and health applications to assist researchers in conducting clinical trials. In addition to basic reminder and notification features, THREAD provides technical training for researchers, helps them track study progress, and grants access to relevant documents and information. Furthermore, the company has developed a suite of user-friendly, mobile-optimized applications, such as eConsent, ePRO, and eCOA.

In the second half of 2018, JLL and Water Street invested in the drug development company CATO Research. Dr. Goldberg, Executive Chairman of CATO, stated, “THREAD and CATO will have many opportunities for collaboration in the future to jointly advance clinical drug development.”

JLL Partners, founded in 1988 and headquartered in New York, USA, is a leading private equity firm. The company focuses on the middle market, helping businesses grow through its financial and operational expertise. JLL Partners manages eight funds with approximately $5.5 billion in assets under management.

Water Street, founded in 2005 and headquartered in Chicago, USA, is a venture capital and private equity firm. The company focuses on the healthcare sector, primarily making strategic investments in startups. Water Street boasts an experienced investment management team and collaborates with world-leading healthcare companies such as Humana, Johnson & Johnson, Medtronic, and Walgreen Co.

“JLL Partners and Water Street are the ideal partners to accelerate THREAD’s growth,” said Jeff Frazier, Founder and CEO of THREAD. “Their financial support and expertise in the life sciences sector will help us develop innovative technologies and deliver value to our customers.”

Mark A. Goldberg stated, “The THREAD platform is highly valued for its user-centric design, flexibility, ease of use, and robust functionality. We will drive the development of a new generation of clinical trials to accelerate product development and innovation.”

(Compiled by Xu Xiaoxue)