Octagon Research Solutions, a provider of clinical and regulatory information management solution backed by investors including insurance company Zurich Financial Services Group, was sold to US-based consultancy firm Accenture.
The deal on September 26, sealed a six times return for one of Octagon Research Solutions’ backers, Edison Ventures, according to news provider Alt Assets. Edison had contributed a total of $8.6m to the company at the time of Octagon’s third round of funding, Alt Assets said.
Zurich Financial Services Group, Edison and private equity firm Ticonderoga Capital backed Octagon Research Solutions’ $10m C round in 2006. Zurich contributed $3m to the C round, as did another unnamed investor.
The company raised$3.8m in its first round in February 2003, and $3.5m in its B round in March 2005.
Other backers of Octagon included Milestone Venture Partners, NextStage Capital and Phoenix Life Insurance.