Spectrum Science acquired a pair of healthcare agencies Monday morning, purchasing CrowdPharm and Hot Iron Health (HIH).
Financial details of the transaction were not disclosed, though a company press release stated that the advertising and consulting pillar of the combined company will be led by CrowdPharm managing director 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.
“Critical to our success has been a commitment to both innovation and evolution, in service of our people and for our clients,” he stated. “Joining the Spectrum team means that we can continue to provide game-changing, strategic advertising and consulting solutions on an even larger scale, to more clients around the world.”
After appearing on the MM+M Agency 100 list in 2022, CrowdPharm landed just outside the top 100 rankings last year with $10.8 million in revenue. 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 acquisition 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.”