Showing posts with label NextDocs. Show all posts
Showing posts with label NextDocs. Show all posts

Garfield Group adds eight new clients; broadens geographical footprint


Tom Paine



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This past spring, Newtown-based Garfield Group, one of the leading tech PR/marketing communications firms in the Philadelphia area, announced a rebranding and repositioning initiative. Goals were to build its digital, content and creative capabilities and become a more fully integrated marketing services firm, establish new ties to the tech startup scene, and broaden its regional footprint.

Recently, Garfield demonstrated progress towards these goals by announcing the addition of eight new clients over the past six months. Four of the firms are local, two are in the Chicago area, one is in San Francisco and one is in Atlanta.

A prominent local tech addition is Conshohocken-based NextDocs, whose enterprise-scale eTMF, regulatory and quality solutions automate workflow and document management to speed FDA submission, automating compliance to improve efficiency while reducing costs. The end goal is to get needed new medicines to market faster. NextDocs has substantial venture backing from OpenView Venture Partners.

Peak Equity Partners, Radnor, is a newly formed private equity firm focused on buyouts and recapitalizations of enterprise software and solutions companies. Its co-founders, Greg Case and Paul Winn, were previously responsible for much of LLR Partners' tech investing.

Turnberry Solutions of Blue Bell is an IT staffing and consulting firm; its practice areas include the latest cloud, collaboration, and information security technologies. Bethelehem-based FamilyWize is a community service partnership focused on lowering the cost of prescription drugs, through a discount prescription card.

The other four are:

Chicago Community Loan Fund (CCLF) Chicago

Trulify San Francisco

Navman Wireless Glenview, Illinois

iMedX Atlanta


“We’re excited to have the opportunity to work with these dynamic companies,” said Larry Garfield, president and founder of Garfield Group, in a statement. “These are organizations run by people who are disrupting the status quo in a number of very interesting ways. They present the kinds of challenges we live for — the chance to tell stories that can change the dynamics of an entire industry, and truly make a difference in peoples’ lives.”


Two VC firms, Bessemer & OpenView, offer up analyses of public cloud companies and their valuations




Tom Paine



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Two interesting items from about a month ago which I have meant to mention:




First, VC firm Bessemer Venture Partners released the BVP Cloud Computing Index, and a downloadable chart it says is updated weekly showing the key metrics of 30 leading public cloud computing companies as defined by Bessemer (there is certainly often room for debate about what is or isn't a cloud computing company). No Philly companies are included, although clinical trial software company Medidata Solutions has a fairly large presence dating mostly from its 2008 acquisition of Conshohocken-based Fast Track Systems. Kenexa presumably would have been on it had it not been acquired by IBM, and Radnor-based QlikTech really isn't a cloud computing company at this time; its products are offered primarily through on-premise software. Legacy companies such as SAP AG and Unisys are a long way from being considered pure cloud plays.

One data point in the metrics is the Enterprise Value/Revenue ratio for the 30 companies, which has a median of 6.7x and a mean of 7.9x. So when you hear about SaaS companies doing IPOs with EV/Revenue ratios of 10x or considerably more in some cases, it shouldn't be surprising.

The other item is an article in the Wall Street Journal about Adam Marcus, Managing Director of Boston-based OpenView Venture Partners, the VC firm that has made significant investments in Philly area startups Monetate, NextDocs and Xtium. Marcus compiled a list of 96 public SaaS companies and noted that two-thirds of them are located outside of Silicon Valley.

Marcus finds the Bay Area tech ecosystem expensive, unstable in terms of employee retention and having valuations too high in comparison to other regions, according to the Journal. He said OpenView doesn't invest in San Francisco companies. Perhaps more attractive valuations and less hypercompetition among investors explain in part why OpenView made its trio of investments in the Philadelphia area. Others disagree with Marcus' assessment, pointing out that the most of the more valuable SaaS companies remained clustered in the Bay Area, the article points out.






Conshohocken-based NextDocs raises another $5 million





Tom Paine



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Conshohocken-based NextDocs has apparently raised another $5 million in venture capital, according to an SEC filing reported on by MarketBrief.com .

NextDocs, a provider of Microsoft SharePoint-based software for the management of regulated data collected during clinical trials, had previously raised $10.3 million from OpenView Venture Partners in August 2011.

Also, see this recent article from FierceBiotechIT on NextDocs' introduction of its Windows 8 mobile app.




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Daily Links 3/25/2013: Comcast develops tools that help Nielsen measure tablet audience







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Dell Says Blackstone, Icahn Offers May Be Superior (Bloomberg)

Comcast Rx Helps Nielsen Swallow Tablets
After long wait, mobile viewing to be added to C3 and C7 ratings
(Broadcasting & Cable)

SevOne supports Delawareans
Delaware alumni discuss successful SevOne entrepreneurial endeavor
(UDaily)

Apply to Open Angel Forum V (Gabriel Weinberg's Blog)

NextDocs and Microsoft Mobilize Clinical Trials with Trial Exchange and Windows 8
Companies Demonstrate Power of NextDocs Trial Exchange Built for Microsoft Windows 8
(PR Newswire)

More UC Channel M&A: AGC Networks To Acquire Transcend United Technologies (CRN)
Transcend has been based in Wayne, and backed by NewSpring Mezzanine Capital L.P.

PCSTrac Launches Enhanced StoreTrac Application for Real-Time, Detailed, Store Delivery Shipment Visibility for Retailers
Urban Outfitters' Partnership Drives Development of Next Generation Inventory Management Tool
(Marketwire)

Scenes From Penn State’s Startup Week Hackathon (TechCrunch)

Oracle Acquires Network Manager Tekelec (All Things D)

Analyst: Verizon’s network neutrality challenge may have to wait until fall (Gigaom)

Birst and Eigen X Partner to Accelerate Business Decisions
New Alliance Delivers Custom Business Analytics Solution for Extracting Maximum Value from Operational, Customer and Financial Data
(Business Wire)




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Daily Links 1/2/2013: InterDigital expands licensing deal with RIM; files new complaint against Huawei, Nokia, Samsung and ZTE




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Intel's Plan To Destroy Cable Is Already Running Into Delays (Silicon Alley Insider)


Fandango Says 2012 Ticket Sales Highest Ever (All Things D)
Fandango is owned by Comcast.

Classifieds site Oodle carved up between three bidders (paidContent)
QVC keeps US site, sells off UK traffic.

2012 Was Workday’s Year; Who Will Own 2013 In HR Technology? (Naomi Bloom/Enterprise Irregulars)

2013 - the year of the SAP Database (John Appleby/SAP Community Network)

RIM expands licensing deal with InterDigital to cover 4G LTE tech (CNET News)

InterDigital Files New Complaint Against Huawei, Nokia, Samsung and ZTE with U.S. International Trade Commission (Business Wire)

Microsoft partner 'will triple' Philly hires by 2014
(Philly.com: Philly Deals)

Philadelphia, Boston magazines publisher Metrocorp buys media firm (Philadelphia Business Journal)




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Accenture completes acquisition of Octagon Research Solutions; will be "fully integrated"








Tom Paine

Accenture said last week it had completed its acquisition of Wayne-based Octagon Research Solutions, which was announced in the beginning of August. Octagon, founded in 1999, provides clinical and regulatory information management solutions and software for the pharmaceutical industry. Existing top management, including co-founders James C. Walker (Chairman & CEO) and Kirk Gallion (President) will remain in place, David Boath, North American managing director for Accenture’s Life Sciences industry group, told me in a phone interview. Octagon will report to Boath, who is based in the Philadelphia area, which is a key location for Accenture Life Sciences.

Boath says Octagon will be "fully integrated" with Accenture. That will happen in two ways. First, Accenture is placing more emphasis on acquiring or building proprietary technology tools to complement its consulting and business process outsourcing practices. It has a group named Accenture Software, which develops industry-focused software-based solutions. Accenture Software will work with Octagon on integrating its technology with that of Accenture's. Secondly, Octagon's focus on managing the regulatory filing process will complement Accenture's work in helping clients manage other stages of the pharma R&D process. Boath sees the regulatory submission process as being a major bottleneck for its clients in bringing new products to market, and Octagon's tools help to speed that process.

Perhaps the key tool is ViewPoint, Octagon’s global enterprise submission process management solution. It helps manage the R&D submission process across the enterprise, and provides project management and workflow measurement tools that help measure progress and time utilization. ViewPoint can be used in conjunction with Octagon's Submission Stewardship Program(SSP), through which management of the submission process is outsourced to Octagon team members.

Accenture has partnered on projects with Octagon for several years, so the two companies know each other well. In the past,much of Octagon's work has been for pharmacuetical firms considered below the "Tier 1" level, since smaller firms have been the likeliest to outsource more of their processes. But Boath's vision is that with Octagon's technology and expertise married with Accenture's vast resources, the combined companies will be able to penetrate more "Tier 1" enterprises.

Accenture said at the time it announced the acquisition that Octagon had around 380 employees. Octagon had announced in June 2011 that it would add about 100 employees to its staffing level of around 300 at that time. Octagon reported revenue of $37.5 million to the Inc. 5000 for 2009; Boath wouldn't say what revenue is now except to say "its grown substantiallly" since then. I was able to identify $19.3 million in VC funds that went into Octagon, the majority probably from Edison Ventures, but I don't know whether this was the total sum invested in the company. Boath declined to say how much Accenture paid for Octagon, and that is something a company of its size probably does not have to disclose in filings.

The role of technology in the regulatory submission process has mushroomed with the FDA's implemention of the electronic Common Technical Document (eCTD) standard format for submitting information to the agency. There are several other companies in the Phily area that compete with or supply some services similar to Octagon's. They include NextDocs, the King of Prussia-based company that OpenView Venture Partners invested $10.3 million in last year: Horsham-based Liquent, acquired from Thomson Reuters in 2010 by Marlin Equity, and Philadelphia-based GlobalSubmit.

Accenture, which grew out of Anderson Consulting, is an enormous firm with close to $30 billion in annual revenue and almost 250,000 employees. Boath couldn't break out how much the Life Sciences industry group contributes in revenue, but did say that the group had about 10,000 employees globally.


Related: Breaking down some numbers in the Accenture/Octagon Research deal



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DIA 2012 begins in Philly today

Tom Paine





The DIA (no, not the Defense Intelligence Agency) is a global trade and research organization with its US headquarters located in Horsham. DIA stands for Drug Information Association (not to be confused with the DEA-Drug Enforcement Agency), although it usually refers to itself just by its initials. The DIA says it "is a nonprofit, member, and volunteer-driven association that provides knowledge resources across the full spectrum of medical product development".

It will hold its annual meeting, DIA 2012, kicking off today at the Pennsylvania Convention Center, and continuing through the 28th. The DIA tells me it expects 7,000 attendees, 550 exhibitors, and 895 speakers.

The DIA is a big event for many Philly area companies in the Clinical IT side of the business, such as Octagon Research Solutions, NextDocs, BioClinica, and numerous others. The meeting on the whole is very scientific and quite expensive, although there are plans for individual days or specific sessions (still expensive). I think there are more affordable Exhibit Hall-only options available, although I haven't been able to confirm the specifics on those.



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Daily Links 6/15/2012: Microsoft reportedly in $1 billion deal for Yammer



Microsoft reportedly in $1 billion deal for Yammer (CNET News)

Take That Larry Ellison! Workday Is Expected To File For Its IPO This Month (SAI: Enterprise)

QlikTech Buys Expressor To Nix Scripting
Deal gives QlikView business intelligence software a graphical user interface to ease and speed data loading.
(Cindi Howson/InformationWeek)

Exit Interview: Nitin Bhatia On Sharepoint, Yammer, Leaving Microsoft And Joining NextDocs (TechCrunch)
Obviously, they wanted to talk with Bhatia mostly about Yammer; NextDocs is hardly mentioned.


Hey, Comcast, the Rich Aren't That Different (Bloomberg Business Week)
Comcast's problem with Chappaquiddick.

ShopRunner picks up the pace
The shipping program offers members a way to make purchases in two clicks.
(Internet Retailer)

Uber Wants To Drive You To The Philly Mini Meet-Up (TechCrunch)
What good is a 20% discount if their variable pricing just hikes up the price at the time?



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Daily Links 3/23/2012: SAP eyes 100 bn euro sales mark in 20 years



How will Comcast 'beat the brains' out of Verizon FiOS? (Steve Donahue/FierceCable)

Verizon Raising FiOS TV DVR, Set-Top Rates
DVR Increasing to $16.99 Monthly; Set-Top Boxes Up 17%, to $6.99 Monthly, in NY Metro Area
(Multichannel News)


New advertising software automates ad-buying - and cuts out workers (Joe DiStefano/Philadelphia Inquirer)

SAP eyes 100 bn euro sales mark in 20 years (Times of India)
Maybe Larry Ellison was right about SAP being on drugs.

Fisker plans 'reveal' next month, keeps veil of secrecy (Wilmington News Journal)

ImpactRx Acquires AlphaDetail
Addition of AlphaDetail’s global custom market research expertise enhances and expands company’s solutions offerings
(Business Wire)

BioClinica Partners with NextDocs to Streamline Clinical Trial Submission Process (Business Wire)

DuckDuckGo Founder Gabriel Weinberg Talks About Creating a More Private Search Engine
(Time.com: Techland)

Unintended contradictions of JOBS Act (Dan Primack/Fortune: Term Sheet)


Carpool website Ridaroo of Phila. gets first two customers (Philadelphia Business Journal)
Ridaroo will be participating in the Phorum Cloud Computing Conference Demo Pit on the 28th.

Novotorium Is Bullish on Philadelphia Area Entrepreneurs (PR Web)




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Philly VC Deals flat vs. last year; longer term funding may be concern

Tom Paine


Venture Capital investment in Philly Metro area companies was just under $120 million in the third quarter of 2011, according to the PricewaterhouseCoopers/National Venture Capital Association MoneyTree report based on data from Thomson Reuters, released Wednesday. This was more than the $89 million reported in Q2, but less than the $124 million reported in the same quarter last year. Total investment for the first three quarters of 2011 was $337 million, compared to $334 million for the first three quarters of last year. Thirty-six deals were reported in the quarter.

In terms of individual investments, there were no surprises; all the large deals had previously been announced. ISGN, the Bensalem-based mortgage processing technology business, was the largest recipient, raising $30 million. Boston-based OpenView Venture Partners' trio of area investments, Monetate, NextDocs, and Xtium, which I wrote about here, accounted for about $31 million (though I believe these numbers don't reflect another $5 million invested in Xtium).

Other IT-oriented investments included Instamed ($5.5 million), GreenPhire ($1.5 million), Lightning Gaming of Boothwyn ($1 million), Cross Current Corporation of Doylestown ($800,000), Vita Products of Philadelphia ($700,000), and Sanovia of Philadelphia ($500,000). PlaySay, which the report says raised $250,000, has since moved to Washington DC and now has raised a total of $550,000 from Bethesda, MD-based Novak Biddle Venture Partners. AssetVUE and MobileReactor LLC both recently raised $200,000 from Ben Franklin Technology Partners, as was announced ealier this week. Connectify raised an unspecified amount from an investment firm related to the US Intelligence comunity, and recently launched spare space rental site Storably is also reported to have raised funds.

Some angel investments and other larger private equity investments may not be included in the MoneyTree report.

Nationally, VC investment was up 31% over the prior year"s third quarter. Software investments reached $2 billion, the highest level in nearly a decade.

The biggest concern going forward is whether the current level of funding can be maintained. Venture Capital fundraising hit an eight year low in the third quarter, dropping 53% from the prior year, according to the National Venture Capital Association, and VC investments are far outpacing fundraising as many firms are working downs funds they had previously raised.



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OpenView Venture Partners invests $11.5 million in Valley Forge Cloud Services company Xtium

Tom Paine

Valley Forge-based Xtium announced today that it had received a $11.5 million Series A round from OpenView Venture Partners of Boston. Xtium provides IaaS (Infrastructure as a Service) virtual private cloud service solutions to mid-market companies. Xtium says it is one of only three companies certified to be a hosting service provider for VMware, SAP, and Riverbed

Peter Ritz, co-founder and President of Xtium, has been a serial entrepreneur in the Philadelphia area involved in the founding of NTERA of Radnor (nanotech electronic inks for digital displays) and mobile business app provider AirClic of Trevose, and also directed legal operations for Ikon Technology Services.

For OpenView Partners, this represents its third major investment in the Philadelphia area announced in the past two months for a total of nearly $40 million, Monetate and NextDocs being the others. When I asked OpenView partner Firas Raou after the NextDocs investment was announced whether the firm had placed a particular emphasis on the area, he said it was only a coincidence. But now OpenView has close to one sixth of the $240 million it currently has under management invested here (at startups within a few miles of each other), so one would have to consider there might be some kind of connection. Valuations, I would guess, can be reasonably attractive for investors here since the market is not as overheated as places like Boston, New York and Silicon Valley.




View OpenView Venture Partners' local investments in a larger map
OpenView partners can easily visit each of their Philly-area portfolio companies in short, leisurely (non-rush hour) drive

Xtium raises $11.5M to expand pay-as-you-grow virtual private cloud services (VentureBeat)



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A look at Philly-area companies on the Inc. 5000

The 2011 Inc. 5000 is out, and here is a list of the top Philly area companies on it.

I always look at this with a grain of salt, because there are a number of ways in which a young company can generate a great deal of revenue quickly without necessarily building a sustainable business. Revenue does not always correlate with profit. But it does provide a good benchmark for measuring the progress of some of the most promising tech startups in the area.

re2g of Doylestown (formerly Solardelphia), which installs residential solar systems, was the top Philly area company - and 24th nationally. It was followed by a Philly-based company named Leadnomics, which as its name implies is in the online lead generation business for financial institutions, online schools, and insurance companies.

NextDocs of King of Prussia, which just received a large round of funding that I wrote about earlier this week, was third (it was first last year). NextDocs' revenue grew over 3,000% during the past three years to $9.8 million in 2010. It ranked ninth among all software companies.



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Boston-based OpenView Venture Partners invades Philly; Backs Monetate, and now NextDocs

Upon reading this morning that the $10.3 million investement in King of Prussia-based life sciences compliance software vendor NextDocs was funded by Boston-based OpenView Venture Partners, I realized that I had heard that name before recently - in connection with another Philly area deal.

It was Monetate, in which OpenView led a $15 million round, which was announced on August 4.

I asked OpenView partner Firas Raouf in a phone conversation whether there was any connection to this geographical proximity, given that OpenView has no other Philadelphia presence in its portfolio that I can see, or whether it was mere coincidence. He said it was just a coincidence. OpenView, he says, focuses on providing expansion funding to emerging best of breed software companies worldwide (as long as they have some US operations), and doesn't have an East Coast orientation or mid-Atlantic strategy. While he managed the NextDocs deal, OpenView managing director Adam Marcus oversaw the Monetate deal, just a few miles away.

He said he had been speaking with NextDocs co-founder and CEO Zikria Syed for a couple of years, though Syed did not want to get funding too soon (and Raouf did not think NextDocs needed it yet). Syed got the business off the ground to where it is today almost entirely through bootstrapping, with no outside institutional investment.

Raouf says NextDocs can expand in several ways; by growing its customer base in the US ( NextDocs often replaces outdated legacy systems used for regulatory compliance), internationally, and also by moving into clinical trial management systems.

Raouf will join NextDocs' board. OpenView, which has $240 million under management, was the sole participant in this round, he says.



Daily Links 8/22/2011: Initial Hulu bids due Wednesday

King of Prussia-based NextDocs Raises $10.3M To Provide Microsoft SharePoint Software To Life Sciences Industry (TechCrunch)
NextDocs Press Release.

Veeva to hire 50 as drug, device companies head to the cloud (San Francisco Business Times)
Based in Pleasanton, CA, Veeva has its sales & marketing headquarters in Malvern.

Hulu Bids Expected to Range Between $500 Million and $2 Billion (Hollywood Reporter)

IDCC Rising On Rumor Of Qualcomm Interest (Barron's: Tech Trader Daily)

Motorola’s Identity Crisis (New York Times)

Pres. Obama Drops By Martha’s Vineyard Home of Comcast CEO
(MediaBistro)

Thinking The Unthinkable: Is Oracle Considering Buying HP? (Forbes)

Cloud not yet critical for BI: QlikTech (Computer Business Review)


Federal Push for ‘Cloud’ Technology Faces Skepticism (New York Times)

How secure is data in the cloud? (SAP Watch)

How I Knew To Invest In GroupMe (Silicon Alley Insider)



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Daily Links 6/21/2011: Comcast says it will cut waits for cable service

Is the NJ Data Center Market Facing Oversupply? (Data Center Knowledge)

SAP's HANA in-memory analytics engine now available (Computerworld)

HANA is here...innit? (ZDNet Blogs)

Comcast Will Slash Wait Times for Cable Repair After ‘Worst’ Designation (Bloomberg)

Comcast CEO: “Jury is Out” on Netflix’s Impact (Wall Street Journal: Digits)

Comcast CEO Brian Roberts Speaks Out on Bloomberg FCC Complaint, NBC News (MediaBistro: TVNewswer)

(Report):Hulu Considering Selling Itself After Receiving An Offer (Silicon Alley Insider)

Hulu weighs sale options after approach: source (Reuters)
LA Times headline says Yahoo is the bidder, though article isn't so clear on that.


NextDocs Announces Creation of Life Sciences Scalability Lab
New lab to allow Microsoft clients and partners to test scalability and reliability requirements of solutions prior to deployment
(Business Wire)

Poptent Opens Brazil Office, Surpasses $2 Million in Creator Cash Payments during Dell Video Advertising Campaign (Business Wire)

Bulletin: Gannett announces 700 newspaper layoffs (Gannett Blog)

IBM's Netezza rolls out large-scale analytic appliance (Computerworld)

University of Pennsylvania/MAGPI to Provide Advanced Networking, Applications, Demonstrations at ISTE 2011 Conference (Penn News)


Philly-area companies Thermo Scientific, ProtonMedia, NextDocs win Microsoft Life Sciences award

Philly-area companies dominated Microsoft's Life Sciences Innovation Awards 2010, announced at the Drug Information Association's annual meeting in Washington DC on June 16. Three of the four projects honored involved local companies.

Thermo Scientific of Philadelphia worked with Emory University to install its Nautilus LIMS (Laboratory Information Management System) as part of an enterprise biospecimen management system rollout to enhance workflow, foster collaboration and effectively manage samples. ProtonMedia of Lansdale partnered with Merck to develop customized "virtual meeting" technology. And NextDocs of King of Prussia helped the Stanford University Medical Center automate its Event Discovery (EDR) process using NextDoc's Microsoft SharePoint-based solutions.

Microsoft says the awards "honor pharmaceutical, biotechnology and medical device companies that demonstrate new solutions or the successful application of available software and devices to revolutionize medicine, bring therapeutic breakthroughs to market faster, fight serious ailments, improve health and enhance people’s quality of life".




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Daily Links 4/9/2010: Accenture sees ERP deals up

Burke Snags $34 Million In 2009 Compensation
Comcast COO Pay Rose 50% Last Year
(Multichannel News)

Raze the mystery house
America needs clearer laws to regulate internet access
(The Economist)


FCC Shrugs Off Comcast Loss, Moves Forward On Broadband Plan
Luckily For FCC, Much Of The Plan Sets The Bar Low
(Broadband Reports)

Accenture: ERP, systems integration deals coming back (ZDNet Blogs)

SAP users see benefits to upgrades (Computerworld)

NextDocs Announces New Clinical Collaboration Portal
Version 3.7 Product Helps Life Sciences Organizations Manage Clinical Trials, Support External Collaboration
(Business Wire)

Microsoft's man in Malvern (Philly.com: Philly Deals)

BioClinica Launches WebSend and Creates Efficiencies for Clinical Trial Imaging Delivery
Transfers Clinical Trial Images and Tracks Status Via the Internet
(Business Wire)

HIStalk Mobile Interviews Scott Storrer (HIStalk)
Scott Storrer is President and CEO of MEDecision of Wayne.

Software's future breaks through the “clouds”
Cloud computing will solve procurement's IT infrastructure woes, and social media will improve collaboration, bidding, training and negotiations.
(Purchasing.com)

Frustrations With Cloud Computing Mount (IDG via New York
Times)




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