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Print Edition StoriesWednesday, April 22, 2009
Phase Forward buys Waban Software for $14M
By Mass High Tech staff
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Clinical trials management company Phase Forward Inc. has bought Waban Software, a Cambridge-based clinical data analysis and reporting applications maker, for $14 million cash. The acquisition will form the Waban Software Group within Phase Forward, the companies reported.
Waban Software Inc., founded in 2001, makes life-sciences information management software products for pharmaceutical and biotechnology companies. Its acquisition by Phase Forward will give the Waltham company additional biobanking, pharmacogenomics and biomarker development capabilities. Waban, which employs 81 workers and has its operations in Mumbai, India, will move its local operations to Waltham and will appoint president Himanshu Oberoi to the role of vice president of Waban Software Group, Phase Forward.
In September, Phase Forward acquired Radnor, Pa.-based Clarix LLC for $40 million in cash. Clarix makes web-based clinical trial software, focusing on interactive response technology for managing data during studies.
Phase Forward’s products and services have been used in clinical trials from Boston Scientific Corp., Dana-Farber Cancer Institute, the U.S. Food and Drug Administration, Harvard Clinical Research Institute and sanofi-aventis, among others.
For 2008, Phase Forward generated revenue of $170.2 million, a 27 percent increase from $134.3 million in 2007. The company’s net income, however, was $13.8 million for 2008, compared to $29.2 million in 2007.
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