Crest Solutions secures major backing from US investor

Cork-headquartered life sciences firm is to combine with other firms for future expansion

Crest Solutions employs 300 people across Ireland the UK.

Cork life sciences firm Crest Solutions has secured significant backing from a US investor to allow the firm to expand further.

The company currently employs 300 people across their Irish and UK offices. Crest Solutions previously established CXV GLobal, a transatlantic alliance with Xyntek Incorporated and VistaLink which is headquartered in Little Island.

It was announced today that the three businesses will now combine under common ownership with Panacea Technologies based in Philadelphia. Significant investment has also been made by healthcare investor Water Street Healthcare Partners in Chicago who have appointed Irishman Brendan McAtamney as Chairman of the new platform. Water Street said it has committed significant capital to further expand the new platform’s global footprint to service the life sciences industry.

CEO of CXV Global and founder of Crest Solutions Frank Madden said the partnership means they are becoming part of a larger, more global company focused on growth. "CXV Global will grow and create further opportunities over time for our Irish employees," he said.

Frank Madden, founded Crest Solutions in 1998. Picture: David Keane.

“We are immensely proud of our domestic and international growth from our base in Cork increasing turnover almost ten-fold in the last 10 years. Cork continues to be an excellent place from which to grow an internationally focused business."

"By combining our four businesses, we will offer our Irish and global customers comprehensive automation and digitisation solutions that address their operational needs globally and, at the same time, provide them with boots-on-the-ground support locally," he added.