LONDON (29 March 2022) Charme Capital Partners (“Charme”), the pan-European mid-market private equity firm, and Amadeus Capital Partners (“Amadeus”), the global technology investor, have announced today that they have reached an agreement to sell 100% of Veritas Intercontinental to LetsGetChecked, a global healthcare solutions company based in Dublin and New-York that provides the tools to manage health from home through direct access to diagnostic testing, virtual care, and medication delivery for a wide range of health and wellness conditions. Veritas Intercontinental was founded in 2018 as a spin-off from Veritas Genetics and has led the activity and development of the Veritas brand outside of the United States, offering a wide range of genomic services. As part of the transaction, Veritas Intercontinental’s shareholders and senior management will reinvest in the company to continue to support its long-term growth and success as part of LetsGetChecked.
Veritas Int. founded in 2018 by Javier de Echevarría, (CEO), Dr. Luis Izquierdo (CMO) and Dr. Vincenzo Cirigliano (CTO) is headquartered in Madrid, Spain, and uses the most advanced automated interpretation technology to provide risk assessment and preventive care through whole genome sequencing for healthy individuals. Veritas Int. completes its portfolio with a wide range of maternal-fetal screening tests, exome-based panels (such as cancer risk, cardiovascular and newborn screening) and diagnostics testing. Veritas Int. has become a partner to some of the leading hospitals around the world to foster access to the most advanced preventive testing tools available. Today, Veritas Int. helps patients across the globe from its next generation laboratory in Barcelona, Spain and with offices in 4 countries across Europe and Latin America supporting clients in over 30 countries.
In 2021 Veritas Int. has achieved an impressive revenue growth of 110% and reported more than 50,000 results since 2018. The company reached the important milestone of being EBITDA positive in November 2021 and expects to double its revenues again in 2022. The company has become a European leader in the fields of preventive genetic testing and prenatal diagnostics.
Charme and Amadeus invested in a portfolio of genetics assets following its initial investment in Igenomix. This included Veritas Intercontinental, which was founded in September 2018 as a joint venture between a group of experienced diagnostics and genetics professionals, Veritas Genetics US (which has also been acquired by LetsGetChecked) and Igenomix, with the support of investors, led by Charme.
“Through these acquisitions, LetsGetChecked will leverage the power of whole genome sequencing to launch a full lifecycle of personalized healthcare, delivering the most comprehensive health testing and care solution on the market,” said Peter Foley, Founder and CEO of LetsGetChecked. “By integrating Veritas Genetics’ and Veritas Intercontinental’s capabilities with LetsGetChecked’s scalable diagnostic and virtual care infrastructure, we are able to turn comprehensive genetic insights into practical recommendations and lifestyle changes, guided by clinical experts.”
Javier de Echevarria, CEO and co-Founder of Veritas Intercontinental, said: “Charme’s and Amadeus’ resources, industry experience and strategic vision have been a differentiating factor during the company’s period of high growth over the past four years. We would like to thank their teams for all their support and we look forward to continuing our collaboration as Veritas Int. enters the next phase of our journey. We are very excited to join LetsGetChecked and thrilled with all the possibilities this will provide to our customers and patients around the Globe.”
LetsGetChecked is a global healthcare solutions company that provides the tools to manage health from home through direct access to diagnostic testing, virtual care, and medication delivery for a wide range of health and wellness conditions. LetsGetChecked’s end-to-end model includes manufacturing, logistics, lab analysis, physician support, and prescription fulfillment. The company empowers people with accessible health information and care to live longer, happier lives.
To date, LetsGetChecked has delivered nearly three million tests and served more than 300 corporate customers with testing services and biometric screening solutions since it was founded in 2015.
LetsGetChecked is available nationwide in the United States, the United Kingdom, and most EU countries. It is co-headquartered in Dublin and New York.
About Amadeus Capital Partners
Amadeus Capital Partners is a global technology investor. Since 1997, the firm has raised over $1bn for investment and used it to back more than 180 companies. With vast experience and a great network, Amadeus’ team of investors and entrepreneurs share a passion for the transformative power of technology.
Pioneering businesses we’ve backed include eye tracking leader Tobii (TOBII.ST); sequencing company Oxford Nanopore Technologies (LON: ONT); cyber security vendor ForeScout (NASDAQ:FSCT); Graphcore, innovators in intelligent microprocessors; IVF genetic testing company, Igenomix; the first single-chip Bluetooth solution, CSR (acquired by Qualcomm) and speech recognition company VocalIQ (acquired by Apple). Find us at https://amadeuscapital.com and @AmadeusCapital.
Veritas Intercontinental was founded in 2018 by Javier de Echevarría, (CEO), Dr. Luis Izquierdo (Chief Medical Officer) and Dr. Vincenzo Cirigliano (Chief Technical Officer), to lead the international expansion of the Veritas’ brand and genetic services portfolio. Veritas Intercontinental offers whole genome and exome sequencing based analyses and genetic services for maternal-fetal medicine through large hospitals, specialized clinics and medical distributors in over 30 countries.
Headquartered in Madrid, the Company has an advanced Sequencing Lab in Barcelona, from where it has become a European leader in the fields of preventive genetic testing and prenatal diagnostics.
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