Doylestown-based clinical trials tech firm Bioclinica is being acquired by buyout firm Cinven Ltd for reported $1.4 billion
Tom Paine
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Doylestown-based Bioclinica is being acquired by buyout firm Cinven Ltd, it was announced yesterday, in a deal reported to be valued at $1.4 billion, including debt. Cinven is acquiring it from two other buyout firms, Water Street Healthcare Partners and JLL Partners.
Reuter first reported Bioclinica's owners were looking for a buyer in May.
Since being taken private in 2013, Bioclinica has made several acquisitions, including its January acquisition of clinical trial payments specialist Clinverse, which was backed by Edison Partners. Bioclinica is reported to have EBITDA (earnings before interest, taxes, depreciation and amortization ) in the $100 million range.
Bioclinica was founded in 1990 as Bio-Imaging Technologies and has over 2300 employees, according to its website.
While several firms in the Philly area have one or more of the tools needed for clinical trials, the key to Bioclinica's strategy has been to integrate several of them.
Europe-based Cinven has several other healthcare-related companies in its portfolio.
"This is an excellent opportunity to invest in a leading provider of technology-enabled services to the clinical trial industry with a collection of high growth businesses across the globe," said Alex Leslie, Partner at Cinven, in a statement. John Hubbard will continue as Bioclinica's CEO.
JLL Partners took Bioclinica private in 2013 for $113 million, but not all the difference between that and the reported sale
price is pure profit. One must account for the dollars or equity spent on nine mergers and acquisitions since 2013.
As Qlik's purchase is consummated, Tableau names AWS vet as new CEO
Tom Paine
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Done Deal.
That was the word today, as Thoma Bravo announced it had completed its $3 billion buyout of business intelligence vendor Qlik.
The private equity deal, reached in early June, was approved by Qlik shareholders last week. Shares of Qlik common stock were removed from listing on The NASDAQ Stock Market, with trading in Qlik shares suspended prior to the opening of business today.
Although the Philly area loses a major, publicly traded tech firm, at least Qlik remains based in Radnor. Although nothing is immutable; there is always a chance that the company, which has about 10% of approximately 2500 employees based out of Radnor, might be subject to some future combination with a company based elsewhere, and headquarters is usually the first to go in such situations.
In its last earnings report as a public company in July, Qlik reported revenue of $180.6 million and a net GAAP loss of 7 cents per share.
Though Thoma Bravo has no particular tie to the Philadelphia area that I know of, it now has four portfolio companies here. The other three are Elemica (Wayne), iPipeline (Exton), and Sparta Systems (Hamilton, NJ).
Ironically, the closest to being Qlik's arch rival, Seattle-based Tableau, today announced that Amazon Web Services veteran Adam Selipsky will become Tableau’s new CEO, replacing co-founder Christian Chabot, who will remain as chairman. That Selipsky comes from AWS may be an indictor of a greater emphasis on Tableau's cloud offering in the future.
Tableau, which had been on a torrid growth pace, lost almost 50% of its value on one day in February of this year after a missed forecast and hasn't really recovered since. In its most recent quarter Tableau reported a net GAAP loss of $47.5 million on revenue
of $198.5 million.
Does SAP still love Delco? Yes, says SAP North America President Jennifer Morgan
Tom Paine
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| Downtown Newtown Square |
Update 8/21: In a letter to the Delco Times, SAP North America President Jennifer Morgan reaffirmed SAP's commitment to keeping its NA headquarters in Newtown Square.
"Delaware County and the greater Philadelphia area is our home and it will continue to be the home of SAP in North America even as we continue to grow, expand, and refine our real estate footprint across the U.S. and Canada," she wrote.
Don't know what to make of a SAP America SVP dissing Delco.
In an article in the Daily Local News, Brian Reaves, senior vice president and head of diversity and inclusion at SAP, seemed to suggest that SAP America's east coast center of gravity would shift from Newtown Square (Delaware County PA) to New York City, where the company is opening spanking new offices at Hudson Yards. He found about three different ways to say Delco wasn't cool enough to attract millenial workers.
One minor quibble: neither the original Daily Local article or the followup article identified the context in which Reaves remarks were made; the occasion, the reason for the remarks, etc.
“Quite honestly, kind of like what’s happening in Germany right now, although we’re in Waldorf, Germany, where we’ve now opened up Berlin, people start to see the major cities as - I think in people’s minds regardless of what the physical paper looks like, I would think they’ll start to brand us more tied to New York City. So, it’s pretty exciting, pretty exciting coming up.”
Reaves said that while Newtown Square would remain North American headquarters from a "legal perspective," in substance New York City would be.
Newtown Square, where around the corner from SAP the Foxcatcher tragedy took place (before SAP arrived). Which once hosted a PGA Championship at Aronimink, only to lose its last opportunity to host a major due to lack of minority membership. Where I used to stare at cornfields from my office on the other side of Route 3.
But those things are in the past. SAP moved to Newtown Square from a location near the airport around 2000. Its changed, and even has some chain restaurants and a Whole Foods. And people outnumber horses. On the whole a nice place and a trendy and wealthy zip, but it doesn't offer much housing for young people and its true to say its a far cry from NYC.
The sense I get from the article is that Reaves was out of line, and SAP communications people pushed back against his comments, restating SAP's commitment to keeping North American headquarters in Newtown Square, which SAP says now houses 2800 employees. But no doubt there was a grain of truth in Reaves' comments.
Oberthur Technologies cuts EMV production time to just 5 days with its X-PRESS solution
OT CUTS EMV PRODUCTION TIME TO JUST 5 DAYS WITH ITS X-PRESS SOLUTION
Oberthur Technologies (OT), the No. 1 provider of chip payment cards in the United States, announced today the U.S. launch of its X-Press Solution which provides turnkey, expedited EMV-card supply within five days for card orders up to 25,000. OT is a one-stop shop for card issuers with large or small card orders at national banks, credit unions and community banks.
“OT’s X-Press Solution offers card issuers unmatched high-quality chip cards at a fraction of the standard lead time,” said Martin Ferenczi, President for North America at OT. “We thoroughly revamped our production processes to expedite chip-card supply based on feedback from issuers wanting to rapidly provide EMV fraud reduction benefits to cardholders.”
The X-Press Solution features full product support for MasterCard, Visa, American Express and Discover chip cards.
This market-first solution will be based at OT’s 100,000-square-foot ISO 9001 and 14001 certified Manufacturing Supercenter located in Exton, Pennsylvania, which has produced more than a quarter of a billion chip cards. OT’s X-Press Solution provides best-in-class card design and EMV technical support. A dedicated customer service team manages the entire process. Fully calibrated .pdf proofs are delivered within 24 hours and optional plastic samples in 48 hours. The X-Press Solution provides the speed, quality and service needed for flawless EMV migration.
OT globally has shipped more than two billion EMV credit and debit cards from its network of four regional secure manufacturing hubs and 39 card personalization centers. Having established its U.S. footprint in 1996, the company is the No. 1 provider of chip payment cards in the U.S. market. OT has been personalizing EMV cards since 2010 in its bi-coastal personalization service centers located in Northern Virginia and Southern California.
For more about EMV in the USA, visit www.oberthur.com/emv.
ABOUT OBERTHUR TECHNOLOGIES
OT is a world leader in embedded digital security that protects you when you connect, authenticate or pay.
OT is strategically positioned in high growth markets and offers embedded security software solutions for “end-point” devices as well as associated remote management solutions to a huge portfolio of international clients, including banks and financial institutions, mobile operators, authorities and governments, as well as manufacturers of connected objects and equipment.
OT employs over 6,500 employees worldwide, including almost 700 R&D people. With a global footprint of 4 regional secure manufacturing hubs and 39 secure service centers, OT’s international network serves clients in 169 countries. For more information: www.oberthur.com
Contacts
for Oberthur Technologies
Trent Freeman, +1 310-824-9000
tfreeman@olmsteadwilliams.com
Philly Tech People News 8/20/2016: Former 'Nova sub-4 minute miler oversees $800 billion; Unisys CFO retiring, replacement named
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This Basically Anonymous Fund Manager Oversees $800 Billion (Bloomberg)
SAP Appoints Thomas Laur President of SAP Connected Health Group (HIT Consultant)
Chief Financial Officer (CFO) Janet Haugen to Retire from Unisys; Company Names Inder M. Singh to Succeed Haugen as CFO
Verizon Enterprise Picks Up a Former EMC CIO (Wall Street Journal: CIO Journal)
Brian Williams Is Said to Get MSNBC Show (NY Times)
Hill International Announces Board and Executive Changes
Ed. Design Studio Names CEO, Selects New Ed-Tech Cohort (EdWeek)
Maria Renz shadows and advises Jeff Bezos (Seattle Times)
Renz, a New Jersey native, was CEO of Amazon's Quidsi.
My Alarm Center appoints Megan MacDonald as VP of Marketing
Brownstein Group Taps Laura Emanuel to Bolster A/E/C Public Relations Practice Group
Top Industry Analysts Rank Veeva Systems Among Largest, Most Strategic Software Vendors in Life Sciences
Veeva’s industry cloud solutions gain momentum as companies unify business processes for faster time to market and greater compliance
Business Wire
Top Industry Analysts Rank Veeva Systems Among Largest, Most Strategic Software Vendors in Life Sciences
Veeva’s industry cloud solutions gain momentum as companies unify business processes for faster time to market and greater compliance
August 18, 2016 07:03 AM Eastern Daylight Time
PLEASANTON, Calif.--(BUSINESS WIRE)--As life sciences companies continue their transition from legacy on-premises and horizontal cloud software to industry-specific cloud applications, Veeva Systems (NYSE:VEEV) is strengthening its position as a fast-growing, strategic vendor in the industry across its most critical functions. According to Gartner, Veeva’s extensive cloud-based multitenant software solution set across research and development (R&D) and commercial is building the company into a strategic-level vendor for global pharma and biotech clients.1
“Veeva has leveraged its strong position in the life science CRM space to provide an optimized omni-channel solution for its customers, with access to its cloud-based content management, master data management, and system-wide customer data”
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Increased complexity in life sciences – from global stakeholder ecosystems to regulatory requirements – is driving organizations to streamline operations to be more efficient and agile. This is in an effort to accelerate innovation and get products to market faster and more effectively on a global scale. Organizations are implementing new cloud approaches to improve collaboration and provide smarter ways of working.
As a result, the industry is increasingly relying on Veeva’s applications to streamline their global business operations, with 35 of the top 50 pharmaceutical companies using Veeva Vault to unify their processes and content on a single platform in the areas of commercial, clinical, regulatory, quality and medical.2 Customers are turning to Veeva to help them improve overall business agility, compliance, and risk mitigation.
Over the next five years, Gartner expects migration to multichannel marketing to strengthen and grow within pharma and recognized Veeva as one of only two vendors to offer complete CRM products, support, and services across most of the globe.3 Veeva is in the market share leadership position of the pharma CRM vendor landscape.4
According to IDC Health Insights, Veeva’s continued momentum in the sales and marketing space has strengthened its leadership in the industry.5 “Veeva has leveraged its strong position in the life science CRM space to provide an optimized omni-channel solution for its customers, with access to its cloud-based content management, master data management, and system-wide customer data,” according to the report.
In R&D, Vault Clinical, Vault RIM, and Vault Quality are helping companies streamline their end-to-end clinical trial processes, respond faster to business changes and health authority requests, and integrate their quality processes and content. Within commercial operations, Veeva Commercial Cloud is improving how life sciences companies bring together customer data, compliant content, and multichannel engagement to market and sell more effectively. While Veeva Medical Solutions help organizations discover, target, and engage the right opinion leaders.
“There is a significant shift occurring in the industry to cloud applications that streamline and unify business processes,” said Paul Shawah, vice president of product marketing at Veeva. “Our focus on industry-specific applications is helping our customers transform their R&D, commercial, and medical operations to support faster product launches and quickly adopt new business models. Industry analysts validate that we are gaining momentum as a strategic partner to the industry.”
Additional Information
Stay updated on the latest Veeva news on LinkedIn: linkedin.com/company/veeva-systems
Follow @veevasystems on Twitter: twitter.com/veevasystems
Like Veeva on Facebook: facebook.com/veevasystems
About Veeva Systems
Veeva Systems Inc. is a leader in cloud-based software for the global life sciences industry. Committed to innovation, product excellence, and customer success, Veeva has more than 400 customers, ranging from the world's largest pharmaceutical companies to emerging biotechs. Veeva is headquartered in the San Francisco Bay Area, with offices in Europe, Asia, and Latin America. For more information, visit www.veeva.com.
Forward-looking Statements
This release contains forward-looking statements, including the market demand for and acceptance of Veeva’s products and services, the results from use of Veeva’s products and services, and general business conditions, particularly in the life sciences industry. Any forward-looking statements contained in this press release are based upon Veeva’s historical performance and its current plans, estimates, and expectations, and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent Veeva’s expectations as of the date of this press announcement. Subsequent events may cause these expectations to change, and Veeva disclaims any obligation to update the forward-looking statements in the future. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially. Additional risks and uncertainties that could affect Veeva’s financial results are included under the captions, “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in the company’s filing on Form 10-Q for the period ended April 30, 2016. This is available on the company’s website at veeva.com under the Investors section and on the SEC’s website at sec.gov. Further information on potential risks that could affect actual results will be included in other filings Veeva makes with the SEC from time to time.
1 Stephen Davies (Gartner: March 18, 2016), Market Guide for CRM in Pharma and Biotech
2 As of April 30, 2016.
3 Stephen Davies (Gartner: March 18, 2016), Market Guide for CRM in Pharma and Biotech
4 Stephen Davies (Gartner: March 18, 2016), Market Guide for CRM in Pharma and Biotech
5 Alan S. Louie, Ph.D., Michael Townsend, Eric Newmark (IDC Health Insights: June 2016), Business Strategy: Top Software Vendors in the Life Science Industry, 2015
Contacts
Veeva Systems
Roger Villareal, 925-264-8885
roger.villareal@veeva.com
or
Lisa Barbadora, 610-420-3413
pr@veeva.com
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