Public-listed cloud solutions provider 8K Miles Software Services Ltd, through its US arm 8K Miles Software Services Inc, has agreed to acquire NexAge Technologies USA Inc for $3 million (Rs 20 crore) in a cash and stock deal, according to a stock market disclosure.
The transaction also includes the existing debt of NexAge worth $800,000. The acquisition, that does not require any specific approval from any authorities, is expected to be completed by the end of this month.
NexAge is one of the regulatory compliance and technology solutions companies in the US for the life sciences and pharmaceuticals industry. The agreement signed by the companies includes acquisition of intellectual property, technical solutions, client contracts and employees.
“With the acquisition of NexAge, we will boost our world class CloudEzRx solution that has been designed to address qualification and validation compliance for applications running on the cloud securely with a purpose of empowering pharmaceutical and life sciences enterprises to use cloud services across value and supply chains,” said Suresh Venkatachari, chairman and CEO of 8K Miles.
Through this acquisition, 8K Miles will get access to the network of enterprise customers and strategic partners acquired by NexAge during the last decade.
Also, the domain expertise of NexAge and proprietary IT solutions in data migration and analytics will enhance the portfolio of 8K Miles solutions targeted at the life sciences industry.
8K Miles, headquartered in San Francisco Bay Area, is a public listed firm in India with an operational base in Chennai.
It was founded by Venkatachari, along with Lena Kannappan (COO), RS Ramani (CFO) and Harish Ganesan (CTO). A cloud solutions and managed services company, it provides SMAC (social, mobile, analytics and cloud) solutions for connectivity between consumers, SMBs, enterprises and government agencies. Its flagship solution EzIAM provides capabilities for user management, user provisioning and access requests for end users.
Recently, the company acquired Cintel Systems Inc, a US-based mobile application development and services company. The deal included acquisition of Intellectual Property (IP) and client contracts and transfer of employees for $3.75 million (Rs 23.5 crore) in a combination of cash and stock.
Also, in March this year, it acquired SaaS startup focused on CROs Mindprint for $400,000 (Rs 2.5 crore) and in November 2014, it had acquired SERJ Solutions, which provides electronic health record (EHR) consulting, custom applications and support solutions, for an undisclosed amount.
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