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Phase Forward Acquires Waban Software

Thursday, April 23, 2009 07:12 AM

Phase Forward, an eClinical company, acquired Waban Software, a Cambridge, Mass.-based clinical data analysis and reporting company with operations in Mumbai, India, for $14 million in cash.

Phase Forward’s Waltham, Mass., headquarters will become the local headquarters for Waban, which has 81 employees worldwide. Current Waban president Himanshu Oberoi, Ph.D., will become vice president, Waban Software Group, Phase Forward.

Phase Forward chairman and CEO Bob Weiler said the acquisition will help his company meet a “growing demand from life sciences companies to streamline the link between data management and biostatistics activities.”

Waban, now the Waban Software Group within Phase Forward, generated approximately $4 million in revenue and broke even during the full year 2008, according to a Phase Forward release. Phase Forward’s full-year 2008 GAAP revenues were $170.2 million, and as of December 31, 2008, the company had 718 employees, according to Phase Forward’s 2008 annual report.

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