Cloud solutions co 8K Miles buys SaaS startup focused on CROs Mindprint for $400K
Cloud solutions provider 8K Miles Software Services Ltd has acquired Mindprint Inc. (Mindprint), a clinical research software startup focused on analytics and operational software for Clinical Research Organisations (CROs) and pharmaceutical firms, as per a stock market disclosure.
8K Miles, headquartered in San Francisco Bay Area, is a public listed firm in the country with operational base in Chennai.
Under the deal, it has entered into an asset purchase agreement that includes acquisition of intellectual property, client contracts and employees for $400,000 (Rs 2.5 crore) in cash and stock. This includes $150,000 in cash and $250,000 worth of stock of 8K Miles' US subsidiary.
Mindprint specialises in providing SaaS analytics and operational software to CROs and pharmaceutical companies based in Markham, Ontario (Canada). Global CROs use Mindprint solutions to track profitability, resource utilisation, study progress and forecasts.
Suresh Venkatachari, chairman and CEO of 8K Miles, cited third party data to emphasise that the global CRO market will grow at a CAGR of 9.83 per cent over the next five years and how that will throw up more opportunities for the firm.
With this acquisition, Prasad A Sristi, president of Mindprint Inc, will take on the role of VP, product management and business development at 8K Miles.
"We are very excited to become an integral part of the 8K Miles success in the CRO market. Our common competencies enable us to broaden our reach and strengthen existing partner relationships, while we extend greater value within our client base," said Prasad A Sristi.
The transaction is expected to close before March 31, 2015, subject to customary closing conditions.
8K Miles was founded by Venkatachari, along with Lena Kannappan (COO), RS Ramani (CFO) and Harish Ganesan (CTO). A cloud solutions and managed services company, it provides SMAC (social, mobile, analytics and cloud) solutions for connectivity between consumers, SMBs, enterprises and government agencies. Its flagship solution EzIAM provides capabilities for user management, user provisioning and access requests for end users.
Four months ago it had acquired SERJ Solutions, which provides electronic health record (EHR) consulting, custom applications and support solutions, for an undisclosed amount.
(Edited by Joby Puthuparampil Johnson)