8K Miles Software Services today announced the acquisition of a US-based NexAge Technologies, a leading regulatory compliance and technology solutions company in the life sciences sector.
The firm, through its US subsidiary 8K Miles Software Services, Inc. has entered into a Stock Purchase Agreement with NexAge Technologies, which has more than 15 years of experience in Computer Systems Validation, Quality Review, Vendor Audits, Data Analysis and Migration, Analytics, Change Management, as well as Governance for the Life Science and Pharmaceutical industry.
The agreement includes acquisition of Intellectual Property (“IP”), technical solutions, client contracts, and employees. The total consideration for the deal is $3,000,000 (Three Million US Dollars) in combination of cash and stock and includes the existing NexAge’s debt of $800,000 (Eight Hundred Thousand US Dollars).
This is fourth acquisition by 8K Miles during the last one year, that too in the health and pharma space. The cloud leader had acquired US-based Cintel Systems, Canada-based Mindprint, another US firm SERJ Solutions to strengthen its portfolio on the fast-growing life sciences sector.
Suresh Venkatachari, Chairman & CEO of 8K Miles said, “With the acquisition of NexAge we will further boost our world class CloudEzRx™ solution that has been designed with an ultimate goal to address qualification and validation compliance for applications running on the cloud securely with the larger purpose of empowering Pharmaceutical and Life Sciences enterprises to utilize cloud services across value and supply chains”.
The Life Sciences Industry in the US is currently facing tough IT challenges driven by a need to create more innovative solutions within shrinking IT budgets which makes it even more important to design agile cloud centric solutions and business models that are rapidly scalable. 8K Miles CloudEzRx™ framework enables customers run critical workloads securely on the cloud and is designed to meet security, analytical and operational needs while addressing the unique regulatory compliance requirements faced by Pharmaceutical and Life Sciences companies. The domain expertise of NexAge and proprietary IT solutions in data migration and analytics will enhance and further improve the overall portfolio of 8K Miles solutions targeted to the Life Sciences industry. Through this acquisition, 8K Miles gains access to the network of Enterprise customers and strategic partners acquired by NexAge during the last decade.
Dr. Suresh U. Kumar, Founder and Executive Chairman of NexAge Technologies USA, Inc. said “As a boutique firm with a niche expertise and experience in the US Life Sciences industry, I believe that becoming part of 8K Miles will help us take our service offerings to an entirely new level. Take the deep industry knowledge, strong relationships, and high levels of integrity and trust with employees and clients that NexAge has built and combine that with the secure cloud technology expertise that 8K Miles brings to the table – and we have a win-win partnership for all the stakeholders involved”.
“I am very excited to welcome NexAge’s strong management team and employees to be an essential part of the 8K Miles growth story”, summarized TV. Ravichandran, Senior Vice President, Professional Services of 8K Miles who facilitated the acquisition.