Northampton-based Initiate Consultancy has acquired Sheffield healthcare specialist Dark Peak Analytics in its first deal since securing investment from private equity firm QPE.
The transaction marks the first step in Initiate’s buy-and-build strategy following QPE’s investment in the business in December 2025.
Founded in 2020, Dark Peak Analytics combines scientific expertise with advanced analytics to support healthcare decision-making for global pharmaceutical and life sciences companies.
Initiate, which also has offices in London and Zug in Switzerland, specialises in global market access and health economics and outcomes research (HEOR).
The acquisition brings together the two firms’ expertise across market access, health technology assessment, HEOR, modelling, analytics and technology-enabled solutions.
Initiate said the enlarged business will be able to work with pharmaceutical and life sciences clients earlier in the product lifecycle, helping them demonstrate the value of treatments and improve patient access.
Andrew Mumford, CEO of Initiate, said: “By bringing Initiate and Dark Peak together, we are combining deep expertise across market access, HTA, HEOR, analytics and technology to create a truly integrated, end-to-end offering.
“Our ambition is not simply to add capabilities together, but to build a more connected, technology-enabled model that helps clients make better decisions and achieve faster, broader patient access.”
Dr Robert Smith, managing director of Dark Peak Analytics and chief scientific officer of Initiate, said: “Bringing Dark Peak and Initiate together creates a unique opportunity to integrate advanced analytics, health economic modelling, HEOR and market access expertise within a single platform.”
Mark Crowley, investment director at QPE, added: “Dark Peak adds exceptional scientific, analytical and technology capabilities to an already strong market access and HEOR platform, creating a differentiated proposition that is better positioned to support clients and deliver long-term growth.”
MHA Corporate Finance acted as lead M&A adviser to QPE and Initiate on the transaction.
James Lawson, corporate finance partner at MHA, said: “This is a strategically coherent first step in Initiate’s buy-and-build strategy following QPE’s investment. In specialist private equity-backed M&A, the key question is not only whether a target adds capability, but whether it strengthens the platform in a way that can support future value creation. Dark Peak does that by extending Initiate earlier in the product lifecycle and deepening its relevance across the specialist HEOR and market access value chain.”
