MASTERCONTROL RAISES US$150 MLN FOR THE DEVELOPMENT OF SAAS SOLUTION

KUALA LUMPUR, Dec 16 (Bernama) -- MasterControl, a leading provider of quality and manufacturing software solutions for the life sciences has announced its first-ever funding, a US$150 million (RM661.5 million) Series A round led by Sixth Street Growth.

The proceeds will be used to accelerate the development of software-as-a-service (SaaS) solutions serving the company’s global life sciences customers, which include Pfizer, Cochlear, Thermo Fisher Scientific and more than 1,100 others worldwide.

Chief executive officer Jon Beckstrand said the company sees an urgent need to help its customers to deliver their breakthrough technologies to the market faster and at a lower cost.

“Our goal is to add a strategic partner with resources and expertise to help us to meet the significant need for our solutions. We’re fortunate to have the experienced investment team at Sixth Street Growth to help make that a reality,” he said in the statement.

Meanwhile, Sixth Street Growth managing director Nari Ansari said MasterControl has a proven business model, an accomplished leadership team, a marquee client base and a solid track record of growth.

“We’re honoured to be the company’s first external investor and look forward to supporting its continued success,” added Ansari.

MasterControl will use the financing to continue to build and enhance its solutions while also placing more focus on technology that will predict and prevent quality events, and enable true artificial intelligence-assisted manufacturing optimisation.

With half of the top 50 pharmaceutical and medical device companies as customers, MasterControl is poised to enter new markets adjacent to its core pharmaceutical and medical device segments, such as contract development and manufacturing, personalised medicine, and cell and gene therapy.

-- BERNAMA