Datatrak Looks for Strategic Alternatives
Wednesday, July 30, 2008
Cleveland-based Datatrak International, a struggling electronic data capture (EDC) vendor, has retained Healthcare Growth Partners (HGP) as a strategic and financial advisor to assist its Board of Directors in evaluating a variety of potential opportunities directed at maximizing shareholder value.
These potential opportunities may include, but are not limited to, a sale, merger or other business combination of the company; strategic partnerships or alliances; or the raising of additional capital, should the company determine it is in the best interest of its shareholders to continue as a stand alone entity. HGP focuses exclusively on healthcare technology and related service-based organizations, providing strategic, operational and transaction advisory services to small and mid-sized healthcare companies.
“Over the past year we have focused on stabilizing our business through the optimization of our expense levels and staffing, while simultaneously continuing to advance our technology platform as we position our company to capitalize on the advantages of our unique single user interface and database architecture,” said Jeffrey Green, chief executive officer of Datatrak International. “We believe the maturation of this industry towards a single platform approach will eventually be realized because this creates optimum efficiencies for clinical trial sponsors and contract research organizations.”