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news.TrialScope, a provider of clinical trial solutions and services, has acquired all of the assets of Deloitte Analytics, including the PharmaCM business which provides technology solutions for clinical trial registration and transparency.
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Terms of the acquisition were not disclosed, but include an investment in TrialScope by its investors of $5 million for technology development, sales and marketing in addition to funding the acquisition.
New investors in TrialScope include Edison Ventures and Dublin Capital Partners who joined existing investor NewSpring Capital.
The transaction closed on May 30 and includes key personnel of the PharmaCM team. The PharmaCM business became a part of Deloitte Analytics LLC in 2011 in connection with the acquisition of certain assets of Intrasphere Technologies, Inc., a global drug safety and consulting business, by an affiliate of Deloitte Analytics LLC.
PharmaCM is a content management platform addressing the registry and lifecycle challenges facing life sciences companies. The platform is the basis for a number of modules that address specific content management and workflow challenges across the clinical study protocol value chain. PharmaCM solutions are currently implemented at 10 of the top 40 global pharmaceutical companies, including 5 of the top 10.
"We are thrilled with the quality, experience and track record of the team in delivering strategic value to their impressive customer list," said Mike Forgash, CEO of TrialScope.
"In addition, we are excited to be working with our partners, Edison Ventures, Dublin Capital Partners and NewSpring Capital, to establish a solid foundation and long-term stability for our customers and employees as we grow our offerings to make a measurable difference in our industry."
"We are pleased to announce that James C. Walker, founder of Octagon Research (also an Edison Ventures portfolio company) and Dr. Joseph W. Stauffer, Principal and Founder of Alta Life Sciences LLC, have joined our board of directors" Forgash notes.
"We aim to provide the direction that will help TrialScope accelerate and realize its full potential as a clinical trial registration and transparency leader," commented Walker. "TrialScope is poised to drive a culture of innovation and long-term customer relationships."
Thomas Wicks, general manager of the PharmaCM business and newly appointed Chief Operating Officer of TrialScope, explained, "This acquisition was a strategic move for both parties and will benefit all involved — especially our customers. By bringing to market the best tools and technologies to optimize this process, we are not only providing tremendous value in time, cost and resource savings, but compliance and transparency in an increasingly complex and global environment."