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MTIP is pleased to announce the successful exit of its majority position in Trialbee.
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MTIP is pleased to announce the successful exit of its majority position in Trialbee.
MTIP is pleased to announce the successful exit of its majority position in Trialbee, with Varsity Healthcare Partners (VHP) acquiring a controlling stake in the company. MTIP will retain a minority ownership position to continue supporting Trialbee’s long-term growth trajectory and next phase of development. The transaction reflects the robust value created through our hands-on partnership, which has been instrumental in driving Trialbee’s scale-up and strategic evolution.
Headquartered in Sweden, Trialbee offers digital patient recruitment services to pharmaceutical companies, CROs, sites and patients. Since MTIP’s initial investment in 2020, Trialbee has scaled significantly, with revenue increasing more than 18x and positioning the company as a global category leader in digital patient recruitment. The company expanded its Honey Platform™ with sponsor-specific registries, advanced its data-driven feasibility capabilities, and surpassed 1.5 million patients screened in 2025. Today, Trialbee supports more than 6,000 research sites across 50 countries and 66 languages, enabling predictable, efficient enrollment for biopharma sponsors worldwide.
This investment from VHP comes at a time of accelerating demand for technology-enabled patient recruitment solutions, driven by increasing trial complexity, growing global study volumes, and a heightened focus on enrollment predictability and patient access. Sponsors and CROs are increasingly seeking data-driven, scalable platforms to improve feasibility, reduce timelines, and ensure consistent patient flow across geographies - trends that strongly support Trialbee’s continued growth and global expansion. MTIP and Trialbee welcome Varsity Healthcare Partners as the company’s new majority owner and value its deep healthcare expertise, strong track record of supporting growth-oriented healthcare businesses, and collaborative approach to building market-leading platforms.
“This transaction marks a strong exit for MTIP and underscores the remarkable growth Trialbee has delivered,” said Katrin Vatiska, Investment Partner at MTIP. “The company is performing exceptionally well and is entering a phase of accelerated global expansion. Throughout our ownership, we actively supported the company in advancing product innovation, building commercial foundations, and scaling its international footprint. We see substantial further growth ahead, which is why we are continuing as a minority shareholder. Our ongoing participation reflects our deep conviction in Trialbee’s platform, leadership team, and long-term potential.”
“Trialbee’s mission is to make clinical research more accessible for every patient, everywhere,” said Matt Walz, Chief Executive Officer of Trialbee. “With Varsity as our majority partner - and continued support from MTIP - we will scale the Honey Platform™, expand program-level recruitment, and deliver even greater predictability and speed for sponsors, CROs, and sites worldwide.”
“We are excited to partner with the Trialbee team as the company enters its next phase of growth,” said Navid Gharavi, Partner at Varsity Healthcare Partners. “We look forward to supporting management in scaling the Honey Platform™, expanding globally, and continuing to deliver measurable value for sponsors, CROs, sites, and patients.”
For MTIP, this strong exit reinforces the firm’s strategy of backing high-growth and profitable healthcare software companies that drive innovation and impact in the healthcare sector. Maintaining a minority position ensures MTIP can continue to participate in Trialbee’s substantial future growth.
MTIP would like to thank Stout, which acted as M&A advisor on the transaction, Delphi for legal advice, and PwC for support on due diligence.
About Trialbee
Trialbee is the leading technology-driven patient recruitment partner for clinical trials. The company’s Honey Platform™ unifies precision outreach, data partnerships, and site connectivity to deliver predictable, program-level enrollment across therapeutic areas and countries. Trialbee has screened 1,500,000+ patients in 2025 working across 6,000 global research sites in 50 countries and 66 languages, helping sponsors and CROs accelerate development timelines and assisting research sites with eligible study participants. Learn more at https://trialbee.com/.
About MTIP
MTIP is a Swiss growth and buyout private equity firm acquiring and investing in high-growth, profitable European healthcare software companies. We partner with founders and visionary management teams to scale businesses that drive innovation and impact in the healthcare sector, thereby creating long-term value for patients, providers, and society. For more information, visit www.mtip.ch.
About Varsity Healthcare Partners
Varsity Healthcare Partners (VHP) is a lower middle-market private equity investment firm focused on partnering with founders, entrepreneurs and management teams to build leading healthcare services companies. VHP’s tactical investment strategy emphasizes identifying and transacting with growth-seeking companies, leveraging VHP’s developed “buy and build” playbook to drive significant operational, managerial enhancement early in the life of each platform investment, followed by a well-resourced aggressive and multidimensional growth plan. VHP’s unique tactical investment playbook and strong track record are complemented by VHP’s distinct organizational culture, emphasizing highly collaborative engagement, strong professional accountability, and a commitment to excellence in work product and team performance.
www.varsityhealthcarepartners.com
Media Contact:
Anja-Vanessa Peter
Investor Relations & Communication Manager
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