Verily Announces $1 Billion Investment Round to Fund Growth and Innovation
SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)-- Verily, an Alphabet company, today announced a $1 billion investment round, led by Silver Lake, as it advances plans on business strategies that are additive and complementary to its current life sciences portfolio. Other new investors in the round include Ontario Teachers’ Pension Plan and other global investment management firms. The capital raised will support growth in key strategic areas, including investments in strategic partnerships, global business development opportunities, and potential acquisitions. Financial terms of the transaction were not disclosed. Ruth Porat, chief financial officer at Alphabet, and Egon Durban, managing partner and managing director of Silver Lake, will be nominated to join Verily’s operating board.
“We are taking external funding to increase flexibility and optionality as we expand on our core strategic focus areas,” said Andrew Conrad, CEO of Verily. “Adding a well-rounded group of seasoned investors, led by Silver Lake, will further prepare us to execute as healthcare continues the shift towards evidence generation and value-based reimbursement models.”
“Verily’s unique capabilities, world-class partnerships and bold vision are enabling the company to tackle the most significant problems impacting global healthcare,” said Egon Durban. “We look forward to working with Andy and the entire Verily team in their mission to use cutting-edge science and technology to change the paradigm of care delivery and improve clinical outcomes.”
Goldman Sachs & Co. LLC acted as financial advisor to Verily.
About Verily Life Sciences
Verily is a life sciences research and engineering organization focused on improving healthcare outcomes by applying the latest scientific and technological advances to significant problems in health and biology. By combining unparalleled capabilities in data organization and analytics services with robust scientific and product engineering expertise, Verily is targeting the dual objectives of creating tools and user-friendly platforms that capture a deeper and broader set of health data and organizing the data so that it is useful and actionable. Verily partners with leading life sciences, medical device and government organizations to leverage deep domain expertise and resources that enable exponentially faster development, meaningful advancements and deployment at scale. For more information, visit www.verily.com.
About Silver Lake
Silver Lake is the global leader in technology investing, with about $45.5 billion in combined assets under management and committed capital and a team of approximately 100 investment and value creation professionals located in Silicon Valley, New York, London and Hong Kong. Silver Lake’s portfolio of investments collectively generates more than $225 billion of revenue annually and employs more than 390,000 people globally. For more information about Silver Lake and its entire portfolio, please visit www.silverlake.com.
Source: Verily Life Sciences