WASHINGTON: Spectrum Science has acquired a pair of healthcare agencies, purchasing CrowdPharm and Hot Iron Health, it said on Monday morning.
The agency bought CrowdPharm as well as its partner consultancy HIH.
Financial details of the transaction were not disclosed, though a company statement said that the advertising and consulting pillar of the combined company will be led by CrowdPharm MD and partner Mike Myers, who will serve as president and lead day-to-day operations.
Myers said in a statement that the deal represents an opportunity for CrowdPharm to continue on its mission of offering an “evolved approach” to medical marketing for its clients.
CrowdPharm posted $10.8 million in revenue last year. Meanwhile, Spectrum’s revenue jumped 54% in 2022, rising from $48.9 million in 2021 to $75 million.
The two pickups mark Spectrum Science’s first deals since it completed its strategic partnership with PE firm Knox Lane earlier this year.
While quiet on the M&A front throughout 2023, Spectrum Science had an active 2022 in terms of dealmaking.
In August of 2022, the firm acquired Aurora Healthcare Communications and other agencies housed under the This is Avalon Group umbrella. Two months prior, it bought Sonic Health and The Seismic Collaborative. All three acquisitions were financed by Monroe Capital.
“We are delighted to welcome the extraordinary CrowdPharm and HIH teams and their powerful, one-of-a-kind model to sourcing talent and servicing clients in a bespoke fashion, at incredible pace and value,” Spectrum Science CEO Jonathan Wilson said in a statement. “With Spectrum’s newly established advertising and consulting pillar, built on the backbone of our strategy, innovation and creative capabilities, and now fueled by CrowdPharm and Hot Iron Health’s pioneering approach, we can bring the transformational solutions our clients need to break through in today’s market.”
This story first appeared on MM+M.