Accenture acquires Wayne-based Octagon Research Solutions
Tom Paine
Accenture today announced the acquisition of Octagon Research Solutions, a provider of clinical data services and regulatory submission services headquartered in Wayne.
Terms of the deal were not disclosed. Accenture's press release says Octagon has a staff of 380, and that the company is the fifth largest user of the U.S. Food and Drug Administration's (FDA) electronic submission gateway. Octagon will be fully integrated into Accenture's Life Sciences industry group, Accenture says. The impetus for the acquisition appears to be the use of Octagon's technology and professional expertise to help Accenture clients speed up the regulatory approval process for new drugs.
Octagon Research Solutions was founded in 1999 by CEO James Walker, Neal Walker, M.D., and President Kirk Gallion. Investors have included Edison Ventures, Phoenix Life Insurance Co. of East Greenbush, N.Y., Ticonderoga Capital of Wellesley, Mass., Zurich Financial and Milestone Venture Partners.
Octagon Research has been the #1 ranked company on Philly Tech News' "Young Companies to Watch" list, based on a rough estimation of potential market value.
Update: I've been able to identify $19.3 million in VC funds that went into Octagon Research, the majority probably from Edison Ventures. I do not know whether this was the total sum invested in Octagon.
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