Covington Associates

Covington Associates Announces Advisory Role in the Sale of Formedix to Certara

February 28, 2022 01:00 AM  |   Covington Associates

Covington Associates Announces Advisory Role in the Sale of Axon Communications to Relevate Health

February 24, 2022 (Boston, MA) – Covington Associates, a leading middle market investment bank announced its role as exclusive financial advisor to Axon Communications in the sale of its business, including its proprietary suite of digital healthcare professional (HCP), field team, and patient engagement marketing products, to Relevate Health, a portfolio company of Mountaingate Capital. Integrating Axon’s products and capabilities expands Relevate Health’s product line and enhances its capabilities to generate brand growth nationally through local relevance, delivering benchmark beating ROI to pharmaceutical, biotechnology, and medical device clients.

With innovative products such as MyDoc Personalized Patient Education, KOLCast, and REPCast; Axon is the leading innovator in live and remote video capture, custom digital solutions, and omnichannel distribution.  Axon’s national digital film crew infrastructure enables the development of highly scalable video peer-to-peer and patient education programs.

“With increasing demand for our products, we needed partners that have the scale and experience to support our rapid growth. Mountaingate Capital and Relevate Health are the perfect fit. Their proven track record of enterprise growth, as well as analytics and omnichannel capabilities, helps us more effectively engage HCPs and patients for our clients,” says Relevate’s newest board member, Chris Mutkoski. “Bringing our complementary product lines together is a huge win for brands, HCPs, and patients,” adds Laney Mutkoski.

Axon’s proprietary products enhance field team access, catalyzing HCP engagement and activation. Combined with Relevate Health’s unmatched data-insights and locally targeted KOL-led and rep-activated marketing products, the agency now offers an integrated suite of insight and engagement solutions for brands targeting HCPs and patients.

Terms of the agreement were not disclosed. Axon Communications was represented by Covington Associates and Goodwin Procter.


Covington Associates is an investment banking firm offering advisory services in the areas of mergers and acquisitions (“M&A”), capital raising and strategic advisory to middle-market companies across the Healthcare, Business Services, Consumer & Industrial, and Technology verticals.  Founded in 1991 and based in Boston, the vision for Covington has been to provide clients with the highest caliber of senior-level attention and to remain an advice driven and results focused organization.  Since its inception, Covington Associates has completed over 350 transactions globally for both private and publicly traded companies totaling over $30 billion. Further information can be found at


Axon Communications was co-founded in 2006 by husband-and-wife team, Chris and Laney Mutkoski. Axon is a full agency servicing the top 20 pharmaceutical and biotech companies around the world. Axon has grown to include over 500 videography crews and the largest video editing suite east of the Mississippi. They continue to develop and expand their products and services that focus on improving physician communication and access. For more information on Axon Communications and their unique products and solutions, please visit


Founded in 2007, Relevate Health is an award-winning healthcare marketing agency for pharmaceutical, biotech and medical device brands, recognized by MM&M, PM360, MedAdNews and more. Relevate Health is headquartered in Cincinnati, with additional offices in New Jersey and Boston, employing over 160.  Learn more at


Mountaingate Capital is a Denver-based private equity firm that specializes in building and empowering companies with strong growth potential and engaged leadership teams within one of the four industry sectors where it has substantial experience and expertise: Marketing Services, Specialty Manufacturing, Specialty Distribution, and Business Services. For more information on Mountaingate, please visit