The Bottom Line: NewSpring’s Investment in Veritas Medical Solutions
October 15, 2020
Veritas is a leading provider of radiation shielded treatment facilities
Veritas Medical Solutions is the world leader in designing, manufacturing, and installing pre-engineered radiation shielded treatment facilities for radiotherapy oncology centers, medical imaging companies, industrial inspection firms, and other industries requiring radiation protection. It specializes in creating modular, interlocking blocks, pre-engineered rooms, radiation shielded doors, and therapy room interiors with the safety of equipment operators always top of mind. Founded in 2008 and headquartered in Harleysville, PA, Veritas has deep experience in this business and close relationships with the general contractors and healthcare providers it works with.
Veritas’ product offerings create a strong competitive position in a growing, niche market
Veritas’ differentiated products provide the Company with a more flexible, cost-competitive solution to building modular rooms that can be efficiently constructed and take up far less space than traditionally used cast-in-place, mass concrete. By carving out a leadership position in this niche market, Veritas has created natural barriers to entry that provide the Company with a meaningful opportunity to grow its market share over the next several years.
The Company facilitates a crucial service for an increasing problem
Unfortunately, the number of individuals in need of radiation treatment is on the rise considering the climbing cancer rates around the world. To meet this growing need for radiation treatments, the availability of additional radiation oncology centers and linear accelerators will need to expand significantly. Veritas is well-positioned to meet this need and facilitate treatment for millions of people.
“With millions of patients across the globe in need of radiation treatments, we’ve dedicated ourselves to producing the highest quality and most cost-effective treatment facilities on the market. Our devotion to innovating and refining our offering demonstrates our commitment to our clients and individuals in need of high-quality care. We’re excited to partner with NewSpring and continue to grow our business.”
Veritas’ experienced leadership team has a proven commitment to innovation and creating a competitive edge
Having been in this business since 2008, Veritas maintains an ongoing product and service development program dedicated to innovating its offering and maximizing the economic and functional efficiency of its products. This dedication to innovation is part of what makes Veritas so successful and is exactly what NewSpring seeks out in portfolio companies.
“Veritas offers a valuable service to providers of radiation treatment and other medical imaging services and has carved out a compelling competitive position for themselves in a rapidly expanding market. Robert and his team have demonstrated a strong commitment to refining their offering and growing the business, and we look forward to partnering with them as we work to accomplish both of those goals.”