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Case Studies

Three case studies highlighting the aspects of the career experience Northstar brings to its investment partners.

INVESTMENT IN A PRE-COMMERCIAL MEDICAL DEVICE BUSINESS

Challenge: GATT was looking for a $12.5 million Series B round to obtain European approval for its hemostat and sealant tape.

Solution: NGI was the lead investor in the Series B, closing this in less than 90 days. Current shareholders including J&J DC increased their investment. NGI has been leading the effort to hire a new CEO, Geert Van Gansewinkel, a new Chief Medical Officer and a head of Finance and Operations. Meanwhile NGI has been leading market research to expand the addressable market for the hemostat and sealant tape and supporting the development and expansion of the existing product portfolio (development of a powder for laparoscopic and robotic surgeries). Parallel to this effort NGI has been supporting identifying financial and strategic partnerships for US market access and entry.

The Creation and Globalization of a Software Company

Challenge: To transform Polaris Solutions from its roots as a pharmaceutical consultancy into a global compliance technology company.

Solution: Polaris created technology solutions to address the inefficiencies created by the increasing compliance requirements of the regulatory environment. Polaris developed best practices and translated them into technology applications and packaged them as products to benefit all clients. Solutions were provided as a subscription model with recurring revenues, allowing the business to invest in its products and stay ahead of market needs.

The key strategy was to develop a business model that addressed the compliance needs, was practical, and provided bottom line efficiencies for our clients.

Proven Result: Polaris’ technology business emerged. Its SaaS business model would deliver a steady, stable cash flow for the long-term. The cash flow from our SaaS model also allowed Polaris to develop new solutions and services as the compliance landscape changed and expanded globally.

The venture was entirely self-funded from inception to its ultimate sale in 2017. Over the course of the intervening years, Polaris grew to achieve revenues of $40 million with 350 full-time employees (FTE) plus 400 contractors spread over seven offices in Europe, North America and Asia. In accomplishing this, Andy and his team earned a reputation for representing the gold standard in compliance and for developing innovative technology.

Following the acquisition of Polaris by IQVIA, Andy drove the integration of three existing IQVIA businesses into Polaris. The resulting business became known as IQVIA's Commercial Compliance (ICC) which had grown to 980 full-time employees and over 1200 contractors in 12 locations world-wide.

Readying a Business for Sale

Challenge: As CFO/COO at Underline during the height of the internet boom (1999-2000), Andy took responsibility for the mission to grow the business, maintain cash flow, invest in the business by hiring staff and opening new locations, and negotiate the sale of the business.

Solution: Andy introduced disciplined financial and operational processes as the company grew. To build the business, he established organizational structure as he hired and trained expert staff. Andy got involved with the nuts and bolts of the business, helping out with a wide range of challenges a growing business faces: from securing space, to hiring staff to securing financing and structuring a stock option plan, things that are major headaches and must be accomplished without running out of cash.

Proven Result: After funding the business, building it beyond its original scope as a start-up and streamlining its operations, Andy engineered its sale to Context Integration.