Bioclinica said yesterday it picked up clinical trial financial management tech firm Clinverse for an undisclosed amount.
Clinverse, based in Durham, N.C., manages and automates financial aspects of global clinical trials for contract research organizations and pharmaceutical companies, Bioclinica said.
“We are delighted to add Clinverse’s capabilities to Bioclinica’s portfolio of solutions. Managing clinical investigator payments has been a significant challenge for our industry. For years, sponsors have manually tracked and paid clinical trial sites. Clinverse developed one of the 1st automated solutions to alleviate companies of this burden. The company is making a significant impact in reducing costly errors, improving satisfaction and increasing operational efficiencies to mitigate this major pain point in drug development,” Bioclinica CEO Dr. John Hubbard said in a press release.
The newly acquired company’s suite of products pay clinical trial sites, vendors and subjects, as well as budgeting and forecasting trial expenditures and managing tax and exchange rates internationally, Bioclinica said.
“We are excited to join Bioclinica. This partnership will accelerate our goal of becoming the best-in-class solution for financial services in the clinical trial industry. Our relationship will allow us to strengthen our operational capabilities out of the gates, while we continue to aggressively invest in enhancing our technology and services. Our customers will benefit from becoming part of an innovative leader in the industry that offers extensive resources and services. We also look forward to bringing our specialized expertise to Bioclinica’s clients,” Clinverse CEO Jay Trepanier said in a prepared statement.
Bioclinica said Clinverse will become part of its eHealth Solutions business segment supporting pharmaceutical companies and CROs in managing clinical trials.
This article originally appeared on MassDevice.com’s sister site, Medical Design & Outsourcing.