Take Solutions has acquired two US-based companies in an all-cash deal at a total investment of $5.1 million (about Rs 22.8 crore). The move is aimed at strengthening the clinical data management and document management systems of the company in the life sciences domain. | |
| Besides, it would help Take Solutions gain the customers of both the US-based companies in the US as well as Europe and have a stronger presence in the life sciences segment. |
| |
| Addressing a press conference, Srinivasan HR, founder member, Take Solutions, said the acquisition was in line with the company's focused strategy to scale its products for the life sciences vertical. |
| |
| While the company has acquired OnSphere Corporation for $2.75 million (about Rs 12.2 crore), it has acquired a controlling stake of Applied Clinical Intelligence LLC for $ 2.4 million (about Rs 10.6 crore) |
| |
| The two acquisitions had been funded through a four-year debt of $4.45 million from Yes Bank at an interest of 10 per cent. The remaining would be through internal accruals, he said. Srinivasan said that the company opted for the debt route as it was consistently a cheaper alternative than private equity participation in the long run. OnSphere Corporation will be merged with Take Solutions while Applied Clinical Intelligence will be its subsidiary. |
| |
| OnSphere Corporation provides regulatory compliant software and validation software services for pharmaceutical and bio-technology companies in the US and Europe. Applied Clinical Intelligence offers clinical research solutions such as data management consulting, drug development process among others for pharmaceutical and healthcare companies. |
| |
| Srinivasan said post acquisition, the contribution from life sciences will grow to 46 per cent from the present 37 per cent. |
| |
| With this, the contribution from life science to the total turnover of the company would be the same as that of the supply chain management in 2006-07. He expected Take Solution to clock a turnover of $20 million during the current financial year |
| |
| So far, supply chain management has been the major contributor to the company's total turnover. It contributed 57 per cent to the total turnover, estimated at $10 million (about Rs 44.5 crore) for the financial year ending March 31, 2005. However this expected to come down to 47 per cent during 2006-07. |
| |
| Singapore-headquartered Take Solutions started as a supply chain management company in 2001 and diversified into life sciences in 2005. |
| |
|
| |
