To strengthen its presence in pharmaceutical vertical.
San Francisco headquartered 8K Miles Software Services, provider of secure cloud solutions, has entered into an asset purchase agreement with Canada-based Mindprint (Mindprint), a clinical research software startup, to strengthen its presence in pharmaceutical vertical.
India-listed 8K Miles, through its US Subsidiary 8K Miles Software Services, has taken over Mindprint which is focused on analytics and operational software for Clinical Research Organizations (CROs) and pharmaceutical sponsors.
This asset purchase agreement includes acquisitions of intellectual property, client contracts and employees. The total consideration in cash and stock, for the acquisition is $400,000 dollars ($150,000 in cash and $250,000 worth of US subsidiary stock).
Large enterprises from healthcare, pharmaceutical, financial and insurance markets use cloud offerings from 8K Miles for security and compliance. Mindprint’s deep domain knowledge of CRO and pharma outsourcing operations will provide 8K Miles additional competitive advantage to capitalise on the growth potential in the related markets in India and abroad.
Suresh Venkatachari, Chairman and Chief Executive Officer, 8K Miles, “According to the TechNavio’s analysts forecast – the Global CRO market will grow at a CAGR of 9.83 per cent over the period 2014-2019. This acquisition is yet another demonstration of 8K Miles’ commitment to the pharma vertical market.”
Global CROs use Mindprint SaaS analytics and operational software to gain valuable insights into their profitability, resource utilisation, study progress and forecasts. Mindprint has announced multiple highly successful client implementations of their SaaS software systems ranging from small to mid-size CROs.
With this acquisition, Prasad A Sristi, President of Mindprint will take on the role of VP, Product Management and Business Development at 8K Miles. The deal is effective immediately.
The transaction is expected to close before March 31, 2015, subject to customary closing conditions.
EP News Bureau-Mumbai