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Pluribus Technologies Corp. Announces Q3 2024 Financial Results

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Third quarter highlighted by the Company’s continued focus on the Strategic Review

TORONTO, Nov. 28, 2024 /PRNewswire/ – Pluribus Technologies Corp. (TSXV: PLRB) (“Pluribus” or the “Company”), an acquiror of small, profitable technology companies, today announced its financial results for the third quarter ended September 30, 2024. The Company’s consolidated financial statements and accompanying notes for the quarters ended September 30, 2024 and 2023 are available under Pluribus’ profile on SEDAR+ (www.sedarplus.ca).

All dollar amounts are in thousands of Canadian dollars unless otherwise noted. Certain metrics, including Adjusted EBITDA, are non-IFRS measures (see Non-IFRS Measures below).

“The divestiture of Digital Enablement and POWR reflects our commitment to strengthening our balance sheet and freeing up liquidity to reduce bank indebtedness,” stated Diane Pedreira, Interim President and COO. “This step is a key component of our ongoing strategic review to improve capital structure while allowing us to focus on our core businesses.”

Selected Financial and Business Highlights for the Third Quarter

On October 11, 2024, the Company sold all of the issued and outstanding fully-diluted shares of its wholly-owned subsidiaries, POWR Inc., Assured Software Limited and Pluribus Technologies Limited (which includes its wholly- owned subsidiaries, Rowanwood Professional Services Limited and Cranham Haig Limited). All figures referenced therein are from continuing operations, therefore excluding the results of Digital Enablement and POWR, unless otherwise noted.Revenue for the quarter decreased by $645 or 13% from $5,107 in 2023 to $4,462 in 2024. The decline was primarily driven by a reduction in eLearning revenue ($518) due to softer service delivery at TLN and a reduction in eCommerce revenue ($127) due to increased churn at Social5. Revenue for the nine months ended September 30, 2024 increased by $398 or 3% from $15,138 in 2023 to $15,536 in 2024. The increase in revenue was primarily driven by the Learning Network perpetual license sale in Q1 2024 ($1,109).Adjusted EBITDA1 for the quarter increased by $59, or 11% from ($536) in 2023 to ($477) in 2024, while Adjusted EBITDA for the nine months ended September 30, 2024 increased by $2,384, or 107% from ($2,233) in 2023 to $151 in 2024. The change for both periods was driven by the increase in revenue and lower cost base following the restructuring undertaken by the Company in 2023. While the Company undertakes the sale process to divest of POWR and Digital Enablement, the shared services to support these businesses have been retained at Corporate and the associated costs are fully allocated to continuing operations.Management initiated a restructuring program in October and November 2024 which is expected to reduce annualized costs by $1,800. This cost savings will be achieved through the reduction of the employee base across a number of businesses and are expected to be substantially reflected in Q1 2025 operating results.The Company incurred a net loss of $2,672 for the quarter ended September 30, 2024 compared to a net loss of $2,982 for the comparable period in 2023. The decrease in the net loss was primarily due to decline in acquisition costs ($879), offset by increase in foreign exchange loss ($643).The Company incurred a net loss of $9,125 for the nine months ended September 30, 2024 compared to a net loss of $9,425 for the comparable period. The decrease was primarily attributable to the increase in Adjusted EBITDA ($2,384), offset by the impairment charge booked to Social5 goodwill ($1,643) and an increase in income tax expense ($212).Cash on hand from continuing operations at September 30, 2024 was $678, compared with $1,279 on December 31, 2023.The Company signed a forbearance agreement with National Bank on January 18, 2024. On August 16, 2024, the Company and National Bank entered into a second forbearance agreement whereby National Bank will continue to forbear from exercising its rights and remedies under the Credit Agreement. The second forbearance agreement has been extended to the earlier of November 29, 2024 and the occurrence of any terminating event to allow the Bank time to consider forecast financial information submitted by the Company. The Company will provide an update in connection with the status of the second forbearance agreement when further disclosure is required or otherwise appropriate.

1 Adjusted EBITDA is a non-IFRS measure as described in the Non-IFRS Measures section of this news release. These measures are not recognized measures under IFRS, do not have a standardized meaning under IFRS and are therefore unlikely to be comparable to similar measures presented by other companies.

Results of Operations

(000’s)

Three Months 

 Nine Months 

 

For the period ended September 30, 

 

2024

 

2023

 

Var

 

Var

 

2024

 

2023

 

Var

 

Var

$

$

$

%

$

$

$

%

 

Revenue

4,462

5,107

(645)

-13 %

 

15,536

15,138

398

3 %

Gross Profit

2,413

2,840

(427)

-15 %

9,242

7,853

1,389

18 %

Operating Expenses

2,890

3,376

(486)

-14 %

9,091

10,086

(995)

-10 %

Non-Operational Expenses

2,471

2,466

5

0 %

9,322

7,450

1,872

25 %

 

Net Loss from continuing operations
   after tax

 

(2,672)

(2,982)

310

-10 %

 

(9,125)

(9,425)

300

-3 %

 

Net Income (Loss) from discontinued
   operations after tax

 

2,665

718

1,947

271 %

 

(6,355)

3,286

(9,641)

-293 %

 

Adjusted EBITDA

 

(477)

(536)

59

-11 %

 

151

(2,233)

2,384

-107 %

Adjusted EBITDA %

 

-10.7 %

-10.5 %

 

1.0 %

-14.8 %

Outlook

The Special Committee continues its previously communicated strategic review to explore alternatives to optimize its capital structure including reviewing the remaining verticals to determine which as core and non-core based on their growth potential and looking at refinancing opportunities.

The Board of Directors and Management determined selling Digital Enablement and POWR would provide the necessary liquidity to allow the Company to continue to deleverage and reduce the debt with National Bank while still leaving the profitable eLearning vertical as a strategic asset where value can be grown.

About Pluribus Technologies Corp.

Pluribus is a technology company that is a value-based acquirer, operator, and divestor of small, profitable business-to-business technology companies in a range of verticals and industries. Pluribus provides its acquisitions access to experienced sales and marketing resources, strategic partnership opportunities, a diverse portfolio of customers in different geographical markets, and enabling technologies to create new revenue streams and drive growth. When market conditions are conducive to raising capital at reasonable costs, Pluribus focuses on rapidly acquiring and integrating new companies to accelerate growth. In less favorable environments, Pluribus implements strategies to maximize organic growth, increase cash flow, and selectively divest portfolio companies to optimize value. For more information, please visit: pluribustechnologies.com.

Non-IFRS Measures

The Company uses non-IFRS measures to assess its operating performance. Securities regulations require that companies caution readers that earnings and other measures adjusted to a basis other than IFRS do not have standardized meanings and are unlikely to be comparable to similar measures used by other companies. Accordingly, they should not be considered in isolation. The Company uses Adjusted EBITDA as a measure of operating performance. Management uses Adjusted EBITDA to evaluate operating performance as it excludes amortization of software and intangibles (which is an accounting allocation of the cost of software and intangible assets arising on acquisition), any impact of finance and tax related activities, asset depreciation, foreign exchange gains and losses, other income, restructuring and transition costs primarily related to acquisitions and other one-time non-recurring transactions.

Reconciliation of Non-IFRS Measures

The Company uses the non-IFRS measure Adjusted EBITDA to evaluate performance. The following table presents the reconciliation from net income (loss) to Adjusted EBITDA from continuing operations for the three and nine months ended September 30, 2024.

 

Three Months 

 

Nine Months 

 

For the period ended September 30,     

 

2024

 

2023

 

Var 

 

Var 

 

2024

 

2023

 

Var 

 

Var 

$

$

$

%

$

$

$

%

 

Total Revenue

 

4,462

5,107

(645)

-13 %

 

15,536

15,138

398

3 %

Net income (loss) for the period

 

(2,672)

(2,982)

310

-10 %

 

(9,125)

(9,425)

300

-3 %

Acquisition costs

 

470

1,349

(879)

-65 %

 

2,005

2,611

(606)

-23 %

Amortization and depreciation

 

623

705

(82)

-12 %

 

1,915

2,283

(368)

-16 %

Impairment of goodwill

 

n/a

 

1,643

1,643

n/a

Share-based compensation

 

4

95

(91)

-96 %

 

53

373

(320)

-86 %

Loss (gain) on revaluation of contingent
   consideration

 

(332)

332

n/a

 

330

(332)

662

n/a

Gain on disposal of fixed assets

 

(2)

2

-100 %

 

(2)

2

-100 %

Finance expense, net

 

760

680

80

12 %

 

2,433

2,110

323

15 %

Foreign exchange loss (gain)

 

614

(29)

643

-2217 %

 

943

407

536

132 %

Income tax expense

 

(276)

(20)

(256)

1280 %

 

(46)

(258)

212

-82 %

Total Adjustments

 

2,195

2,446

(251)

-10 %

 

9,276

7,192

2,084

29 %

 Adjusted EBITDA

 

(477)

(536)

59

-11 %

 

151

(2,233)

2,384

-107 %

 

Adjusted EBITDA %

 

-10.7 %

-10.5 %

 

1.0 %

-14.8 %

Forward-Looking Information 

Certain information in this press release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking information in this press release includes, but is not limited to, statements with respect to the business plans of the Company, including the successful completion of future acquisitions, management’s expectation on the growth, profitability and performance of its current and future acquisitions, the Company’s ability to continue acquiring business-to-business technology companies at reasonable prices, the Company’s ability to grow its portfolio companies into significant organizations, the Company’s ability to achieve a positive transaction pursuant to its strategic review process, and whether National Bank will continue to forbear from exercising their rights and remedies on expiry of the second forbearance agreement. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend” or negatives of these terms and similar expressions.

Forward-looking statements are based on certain assumptions, including the Company’s ability to complete acquisitions on favourable terms; the Company’s ability to manage a complex portfolio of companies effectively; the Company’s ability to scale its management team to support its growth; the Company’s ability to raise sufficient financing to continue its acquisition strategy; the Company’s ability to achieve positive results pursuant to its strategic review process. Other assumptions include industry trends, the availability of growth opportunities, and general business, economic, competitive, political, regulatory and social uncertainties will not prevent the Company from conducting its business. While the Company considers these assumptions to be reasonable based on information currently available, they are inherently subject to significant business, economic and competitive uncertainties and contingencies and they may prove to be incorrect. Forward-looking information speaks only to such assumptions as of the date of this release.

Forward-looking statements also necessarily involve known and unknown risks, including without limitation, risks associated with general economic conditions, adverse industry events, marketing costs, loss of markets, future legislative and regulatory developments, the inability to access sufficient capital on favourable terms, the Company’s limited operating history; ability to complete favourable acquisitions; the technology industry in Canada and internationally, income tax and regulatory matters, the ability of the Company to execute its business strategies, including the ability manage a complex portfolio of companies effectively, competition, currency and interest rate fluctuations, and other risks.

Readers are cautioned that the foregoing is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ from those anticipated. Forward-looking statements are not guarantees of future performance. The purpose of forward-looking information is to provide the reader with a description of management’s expectations, and such forward-looking information may not be appropriate for any other purpose. Except as required by law, the Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

Contact:

Diane Pedreira
Interim President and Chief Operating Officer
Pluribus Technologies Corp.
1 (800) 851-9383

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SOURCE Pluribus Technologies Corp.

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New Atlas Maps Carbon Storage Opportunities Across Eastern Canada — From Industrial-Scale Hubs to Local CCS Solutions

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CALGARY, AB, April 21, 2026 /CNW/ – Canadian Discovery Ltd. (CDL) is pleased to announce the upcoming release of the Geological Carbon Storage Atlas of Eastern Canada on April 28, 2026. Co-funded by Natural Resources Canada (NRCan), carbon removal project developer Deep Sky, and CDL, this project was led and delivered by CDL in collaboration with NRCan CanmetENERGY. The Atlas delivers a comprehensive regional assessment of carbon dioxide (CO₂) storage potential across Quebec and Atlantic Canada, providing detailed analysis of storage opportunities, costs, and geological risks to support the development of carbon capture and storage (CCS) projects. While previous studies have examined parts of Eastern Canada, this is the first to provide a fully integrated regional assessment of CO₂ storage in deep saline aquifers and depleted hydrocarbon reservoirs.

Effective CO₂ storage is essential to achieving Canada’s climate objectives, with the International Energy Agency estimating that up to 95% of captured CO₂ worldwide will need to be permanently stored.1 Recognizing the importance of advancing carbon storage knowledge, the Government of Canada announced more than $11 million in funding for cutting-edge, made-in-Canada carbon utilization and storage projects during the 2025 G7 Presidency. The Geological Carbon Storage Atlas of Eastern Canada was selected as one of the projects supported through this investment.

As Canada seeks solutions to reduce emissions, the research conducted in this Atlas reveals that Eastern Canada possesses meaningful and geologically credible CO₂ storage potential. Across the basins assessed, significant variability was observed in prospective CO2 storage resource size, sealing capacity, reservoir quality and estimated storage costs. These differences reflect the diverse geological settings, geographical variability and data maturity across the region. Some storage complexes are well suited to large-scale, hub-style CCS developments with substantial capacity and strong containment, while others are better aligned with smaller, bespoke projects targeting localized emitters and more modest storage volumes.

The Atlas provides project developers with geological context to scope appraisal programs, regulators with a scientific reference for evaluating proposed operations, and policymakers with the spatial intelligence needed to design effective incentive frameworks. Equally, by presenting data transparently and accessibly, this Atlas supports inclusive dialogue with Indigenous communities, municipalities, industry, and governments responsible for CCS development demands.

“Quebec and Atlantic Canada represent an enormous opportunity for carbon storage, and this Atlas is a landmark step in unlocking it. By combining comprehensive subsurface analysis with cost and economic modelling, we’re giving stakeholders across industry, government, and communities the tools they need to move from ambition to action — and positioning Eastern Canada as a serious player in the global decarbonization landscape.” said Matt Scorah, CDL’s VP of Decarbonization.

“Deep Sky was proud to support this work because rigorous, detailed subsurface data strengthens the entire carbon removal ecosystem. The Atlas provides valuable regional insight for Eastern Canada and helps inform the next phase of site-specific technical assessments required to advance safe, durable carbon storage. This comes at an important time as Québec advances the development of its carbon storage framework,” said Mathieu Bouchard, vice-president of public policy and regulatory affairs for Québec at Deep Sky.

The Atlas is publicly available and can be downloaded from the official project website. The comprehensive datasets and shapefiles compiled and produced during the Atlas’ development can be licensed through CDL upon request.

CDL brings extensive experience in CCS projects across North America and is proud to add the Geological Carbon Storage Atlas of Eastern Canada to this growing body of work. Project findings will be shared through a two-part webinar series on April 28 and May 5, followed by a presentation at GeoConvention in Calgary on May 13. Additional presentations are planned throughout the summer and fall. Details and registration are available at canadiandiscovery.com.

About Canadian Discovery Ltd.
Canadian Discovery Ltd. (CDL) is a global leader in subsurface intelligence, headquartered in Calgary, Alberta. For over 35 years, we’ve combined geoscience and engineering expertise to deliver reservoir- to basin-scale evaluations — assessing subsurface geology, pressure, fluid flow, fluid chemistry, and geomechanics for clients worldwide.

Today, CDL is at the forefront of the energy transformation, applying our deep subsurface knowledge to Carbon Capture, Utilization and Storage (CCUS), geothermal energy, critical minerals, hydrogen production, and water solutions. We don’t just understand what’s beneath the surface — we unearth the opportunities within it.

About Deep Sky
Montreal-based Deep Sky is the world’s first tech-agnostic carbon removal project developer aiming to remove gigatons of carbon from the atmosphere and permanently store it underground. As a project developer, Deep Sky brings together the most promising direct air carbon capture companies under one roof to bring the largest supply of high-quality carbon credits to the market, commercializing and catalyzing carbon removal and storage solutions like never before. With $130M in funding, Deep Sky is backed by world class investors including Investissement Québec, Brightspark Ventures, Whitecap Venture Partners, OMERS Ventures, BDC Climate Fund, BMO, National Bank of Canada, Breakthrough Energy Catalyst, and more. For more information, visit deepskyclimate.com.

1 IEA (2021). Net Zero by 2050. https://www.iea.org/reports/net-zero-by-2050

SOURCE Canadian Discovery Ltd

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Convergent Research and ARIA Launch Two New UK Focused Research Organizations

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Meridial and Echo Labs aim to build new scientific infrastructure for living-brain connectivity mapping and ecological intelligence

LONDON, April 21, 2026 /PRNewswire/ — Convergent Research, a mission control for frontier technology, and the United Kingdom’s Advanced Research and Invention Agency (ARIA) today announced the launch of two new UK Focused Research Organizations, or FROs: Meridial and Echo Labs. Developed through Convergent’s UK FRO Founder Residency with ARIA, the two organisations represent a new way to build scientific institutions around specific technical bottlenecks that are too engineering-heavy, operationally complex, or long-horizon for conventional labs or startups to address effectively. Convergent’s FRO Founder residency programme was piloted through Convergent’s role as an Activation Partner to ARIA, with the aim of identifying and refining FRO-shaped projects aligned with ARIA opportunity spaces and building the capability to launch and support new FROs in the UK.

Focused Research Organizations are nonprofit, startup-like scientific organisations built to tackle clearly defined scientific or technological bottlenecks over a fixed period of time, often by creating public goods such as tools, datasets, platforms, methods, and technical infrastructure that can unlock broader downstream progress. Convergent has used this model to launch ten FROs in the US, and the UK residency with ARIA extended that playbook into a cohort-based format designed to source, incubate, launch, and support ambitious new UK organisations. The UK is Convergent’s first major expansion outside the US.

“Building the right institution can matter as much as having the right idea,” said Pippy James, Deputy CEO at ARIA. “ARIA is working to expand what’s possible for high-risk, high-reward science, and FROs are a powerful way of doing that. Meridial and Echo Labs are tackling the kinds of bottlenecks and opportunities this approach is designed to address, and we’re excited to see what new capabilities they make possible.”

Each of the two new organisations is tackling a different bottleneck, but both are built around the same core premise: that some forms of scientific progress require purpose-built organisations, not just new grants or new labs. Both organisations align with a distinct ARIA opportunity space, targeting areas where new infrastructure could unlock significant progress.

These new organisations are:

Meridial, launching with an initial £14 million award from ARIA and aligned with its Scalable Neural Interfaces opportunity space, is building a microscopy platform designed to map and track synaptic connections in living animals over time. By making it possible to observe how brain connectivity changes across development, disease, learning, and therapeutic intervention, Meridial aims to help bridge an important gap between molecular mechanisms and circuit-level function. Over its funded period, the organisation will work to develop and operate a platform capable of mapping and longitudinally tracking synaptic connections across local and long-range brain circuits over extended time periods.

“Many of the most important questions in neuroscience and brain health relate to how living circuits change over time. Today, when we seek to observe such changes with high resolution, we are often limited by scale, or must infer dynamics from static snapshots of extracted tissue. Meridial is being built to overcome these challenges with a platform for mapping and tracking synaptic connections in living animals over extended periods. We think infrastructure like this could help open up new ways of understanding development, disease, learning, and therapeutic intervention,” said Mehmet Fisek, Founder and CEO of Meridial.

“Progress in brain science and brain health has been constrained for too long by the limits of our tools. Meridial is exciting because it is building infrastructure that could let researchers observe how neural circuits change over time, rather than inferring those changes indirectly after the fact. That kind of capability could open up important new routes for understanding disease, development, and recovery,” said Jacques Carolan, Programme Director at ARIA.

Echo Labs, launching with an initial £7 million award from ARIA and aligned with its Scoping Our Planet opportunity space, is building new infrastructure to represent the natural world and make it legible enough to model, compare, and forecast. If the state of an ecosystem can be measured as a dynamic system, the implications extend beyond observation. Just as weather and human health became understandable through shared measurements and modeling, ecosystem condition could become a measurable, continuously updated layer of intelligence.

“Today, ecology generates fragmented observations but lacks the integrated representation needed to understand ecological complexity and translate it into usable signals. Ecosystems underpin our economies and societies, but we still lack the scientific infrastructure to measure and forecast ecological condition with anything like the precision we bring to other natural or engineered systems. We envision a world in which global ecosystem condition is continuously observed, modeled, and useful for science, governance, finance, and stewardship happens before collapse occurs, rather than after,” said Kaja Wasik, PhD, CEO of Echo Labs.

“Responsible stewardship requires sufficiently good understanding. Yet for most species, ecological interactions, and ecosystems, our ability to measure and forecast remains frustratingly limited. Echo Labs aims to build foundational infrastructure for ecological intelligence, enabling intentional action that complements well-established approaches to supporting nature,” said Yannick Wurm, Programme Director at ARIA.

Meridial and Echo Labs join a growing UK FRO landscape that includes Bind Research, a UK-based not-for-profit focused on making disordered proteins druggable. Together, these efforts suggest a broader institutional shift: one in which new scientific organisations are designed not around disciplines alone, but around bottlenecks, capabilities, and the shared infrastructure required to unlock downstream progress.

“Scientific progress is often slowed not by a lack of ideas, but by a lack of institutions designed to turn important ideas into shared capabilities,” said Anastasia Gamick, President and co-founder of Convergent Research. “Focused Research Organizations are built for exactly that gap. We’re excited to see this model continue to take root in the UK through organisations that are technically ambitious, tightly scoped, and built to create public goods with broad downstream value. We can’t wait to share more from these two teams and our ongoing work with ARIA.”

Meridial and Echo Labs are expanding their teams in 2026. More information about each organisation, including information about career opportunities and technology releases, will be available at meridial.org and echolabs.org.

About ARIA

The Advanced Research + Invention Agency (ARIA) is an R&D funding agency created to unlock technological breakthroughs that benefit everyone. Created by an Act of Parliament, and sponsored by the Department for Science, Innovation, and Technology, ARIA funds teams of scientists and engineers to pursue research at the edge of what is scientifically and technologically possible.

 

About Meridial

Meridial is a UK-based Focused Research Organization building a microscopy platform for mapping and tracking synaptic connections in living animals over time. Its mission is to develop scientific infrastructure that enables researchers to observe how neural connectivity changes across development, disease, learning, and therapeutic intervention. Meridial is supported by Convergent Research and powered by ARIA.

About Echo Labs

Echo Labs is a UK-based Focused Research Organization building scientific infrastructure for ecological monitoring and forecasting. Its mission is to make ecosystem condition more measurable and forecastable through new combinations of environmental data, models, and software. Echo Labs is supported by Convergent Research and powered by ARIA.

About Convergent Research

Convergent Research brings together scientific founders and funders to design, launch and operate Focused Research Organizations (FROs) across a range of fields. Our FROs, like Meridial and Echo Labs, build pivotal infrastructure that bridges gaps to breakthrough scientific research, proving out a new operating model for science that enables a high level of team science and systems engineering for public goods creation.

 

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ECRI Spins Out Healthcare Spend Management and Recall Management Solutions

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Staritas established with growth investment from Accel-KKR to transform healthcare supply chain through data-driven intelligence

WILLOW GROVE, Pa., April 21, 2026 /PRNewswire/ — ECRI, a global healthcare quality and safety nonprofit organization, today announced that it has spun out its Spend Management and Recall Management solutions as an independent company, Staritas. Powered by investments from Accel-KKR, a global technology-focused investment firm, Staritas will continue to build on its pioneering leadership in healthcare supply chain intelligence.

“For five decades, ECRI’s award-winning Spend Management solutions have helped healthcare supply chain leaders navigate supply disruptions with resiliency, save millions of dollars, and benchmark purchasing decisions using the industry’s most comprehensive, independent datasets,” said Marcus Schabacker, CEO, MD, president of ECRI. “Now, by spinning out Staritas, powered by Accel-KKR to supercharge the power behind the data, improve the user experience, and accelerate innovation, healthcare supply chain leaders can realize even greater value from the platform.”

The healthcare supply chain of the future will no longer be driven by reactive, event-driven decisions, but proactive, continuous strategies, powered by AI and real-time intelligence. As an independent company backed by Accel-KKR, Staritas will expand on the development and delivery of AI-powered solutions and insights that empower leaders to manage the growing complexity of supply chains with greater intelligence.

“We are excited to partner with ECRI and support the launch of Staritas, a new company with a 50- year track record of pioneering work in spend and recall management,” said Park Durrett, Managing Director at Accel-KKR. “Staritas’s unmatched independent datasets and domain expertise create a strong foundation for growth and customer impact. We’re proud to build on Staritas’s legacy and remain committed to the transparency, independence, and objectivity that define its work. We look forward to partnering with the talented Staritas team to keep building on a market-leading platform that delivers greater value to healthcare organizations and stakeholders worldwide.”

Staritas: Making Every Choice Clear

In today’s healthcare environment, leaders face rising costs, margin pressure, supply chain disruptions, and increasing complexity, often making decisions with fragmented information, such as supplier pricing without benchmarks, or investments without a clear view of total cost.

Staritas solves this problem by combining the largest independent source of healthcare supply and capital datasets with deep expertise and advanced analytics to help organizations in over 70 countries understand market trends and better manage their supply chains. Trusted by nearly 90% of the top U.S. hospitals and health systems, Staritas helps customers identify up to $13 billion annually in opportunity savings. With an independent, unbiased view, supply chain leaders can see all their options, seize opportunities through actionable insights, and make confident decisions.

“Staritas is committed to providing data-driven insights and services that help healthcare organizations optimize operations, save money and strengthen decision making,” said Emmet O’Gara, CEO of Staritas. “The data, solutions and people that now make up Staritas are among the best in the field of spend and recall management. We plan to continuously raise the bar in serving healthcare supply chain leaders with next-generation platform and technology advancements that help to protect margins, deliver quality care and boost resiliency.”

Customers will maintain continuity in day-to-day operations, with additional investments planned to enhance platform capabilities and deepen the value delivered across solutions. Users of Staritas products were notified with assurances of a smooth transition and continuity in the personnel and support systems available.

ECRI: Making Healthcare Safer, Stronger, More Resilient

“This move is not a departure, it is a commitment to deepening ECRI’s focus on patient safety, clinical evidence, and system-level change across healthcare,” added ECRI CEO Dr. Schabacker. “ECRI’s services and solutions are now focused exclusively on creating resilient and safe healthcare systems and assessing technologies used in those systems – backed by new investment and commitment to effect transformative change. With this strategic shift, ECRI is investing, at an unprecedented level, in the expert teams, proprietary data assets, and advanced capabilities that allow healthcare organizations to build safety into their culture, their operations, and their systems. Not as a one-time initiative, but as a permanent, self-reinforcing foundation.”

Despite decades of effort nationwide, patient safety in the U.S. is still marked by high rates of preventable harm.

“One in four patient admissions involve an adverse event, and nearly a quarter of those are preventable. That’s tragic and unacceptable,” said Dheerendra Kommala, MD, ECRI Chief Medical Officer. “Through this strategic move, ECRI is now singularly focused on improving patient safety. We plan to expand solutions that can transform healthcare organizations, building on our legacy of advancing evidence-based medicine.”

About ECRI

ECRI is an independent, nonprofit organization improving the safety, quality, and cost-effectiveness of healthcare. With a focus on patient safety, system design and technology evaluation, ECRI is respected and trusted by healthcare leaders and agencies worldwide. For nearly 60 years, ECRI has built its reputation on integrity and disciplined rigor, with an unwavering commitment to independence and evidence-based care. ECRI is the only organization worldwide to conduct independent medical device evaluations, with labs located in North America and Asia Pacific. ECRI is designated an Evidence-based Practice Center by the U.S. Agency for Healthcare Research and Quality and a federally certified Patient Safety Organization by the U.S. Department of Health and Human Services. ECRI acquired The Institute for Safe Medication Practices (ISMP) in 2020 to address one of the most prolific causes of preventable harm in healthcare, medication errors; then acquired The Just Culture Company in 2024 to transform healthcare workplace cultures – thus creating one of the largest healthcare quality and safety entities in the world. Visit ECRI.org to learn more.

About Staritas

Staritas helps healthcare supply chain leaders around the world make more informed decisions so they can understand market trends and better manage all aspects of their supply chain. With Staritas, they can see all the options with the largest independent source of supply and capital data, seize the opportunities with access to deep industry expertise, and achieve their organizational goals. That’s why nearly 90% of the top U.S. hospitals and health systems trust our five decades of expertise for their most important supply chain and recall management decisions. And it’s how our clients find up to $13B dollars in opportunity savings every year. Staritas. Make every choice clear. Learn more at Staritas.com.

About AKKR

Accel-KKR is a technology-focused investment firm with over $23 billion in cumulative capital commitments. The firm focuses on software and tech-enabled businesses, well-positioned for topline and bottom-line growth. At the core of Accel-KKR’s investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value alongside management by leveraging the significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions, including buyout capital, minority-growth investments, and credit alternatives. Accel-KKR also invests across various transaction types, including private company recapitalizations, divisional carve-outs, and going-private transactions. Accel-KKR’s headquarters is in Menlo Park, with offices in London, Atlanta and Chicago. Visit accel-kkr.com.

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SOURCE ECRI

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