Initiate, a UK-based full-service global market access and Health Economics & Outcomes Research (HEOR) consultancy, has acquired Dark Peak Analytics, a specialist health economics modelling and analytics business.
“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,” said Robert Smith, managing director of Dark Peak Analytics.
The combination will provide a broader, end-to-end offering across market access, HEOR, health technology assessment (HTA), evidence generation, modelling, analytics and technology-enabled solutions.
“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,” said Andrew Mumford, CEO of Initiate.
In 2025, Queen’s Park Equity (QPE) invested in Initiate to support the consultancy’s next phase of expansion, deepen global market access capabilities, scale service delivery, and pursue complementary acquisitions.
For QPE, the strategic rationale of the Dark Peak Analytics follow-on acquisition was clear. “Dark Peak adds exceptional scientific, analytical and technology capabilities to an already strong market access and HEOR platform,” said Mark Crowley, investing at QPE. “Together, the businesses are creating a differentiated, technology-enabled proposition that is better positioned to support clients, accelerate innovation and deliver long-term growth.”
MHA Corporate Finance (James Lawson) was lead M&A adviser to QPE and Initiate.
