A healthcare IT company which, having raised Venture Capital (VC) funding, needed an experienced Finance Director as the previous Chief Financial Officer had left the business.
Avonglen devised robust financial reporting systems and created a financial forecasting model to aid cash management. As the company grew Avonglen’s own role expanded to supply a totally outsourced finance solution, which involved providing guidance in setting up a US operation and ensuring compliance with local tax and employee legislation. In 2006, Avonglen was also appointed to the role of Non-Executive Chairman providing a bridge between the management team and the VC investors.
The company expanded rapidly and broadened its geographical reach to Latin America and the Far East.
In October 2014 Avonglen, led by the Avonglen team provided strategic and financial direction to OrthoView Holdings Limited in its successful sale to Materialise NV for £8.47 million.
The sale of OrthoView to Materialise brought together two leading businesses at the forefront of major surgical innovation. Materialise’s 3D surgical planning and 3D printing technologies, provide surgeons with patient-specific anatomical models as well as patient-specific instrumentation. OrthoView’s software and service solutions provide joint replacements, osteotomies, distractions and cranio-maxillofacial reconstructions.
Commenting on the collaboration with Avonglen, OrthoView Co-Founder and CEO, John Chambers said, “The advice and guidance that we have received from the Avonglen team during the sale of OrthoView has been of the highest order, as have all aspects of the accounts function they have provided us with. William and Tim’s experience and support were invaluable in driving the process and we worked as a close-knit team throughout.”
Commenting on the successful sale of their investment, Foresight Director, James Livingston said “I am delighted with the outcome. The Avonglen team have carefully steered the negotiations and provided robust financial support to streamline the exit process for the benefit of all the shareholders.”