BioClinica Buys Tourtellotte Solutions for $2.1M
BioClinica’s September buying spree continued this week with the announcement that the Newtown, Pa.-based contract research organization (CRO) had purchased technology company Tourtellotte Solutions for $2.1 million in cash, plus additional payments in the form of up to $3.2 million in cash and 350,000 shares of BioClinica common stock if certain milestones are met.
Tourtellotte, a technology company based in Wayland, Mass., with additional operations in Bhubaneswar, India, provides interactive voice response (IVR) and interactive web response (IWR) software applications and consulting services to support drug development. The company’s software is currently being used in more than 150 active clinical trials, according to BioClinica.
“Tourtellotte brings a leading edge technology platform and a proven development and support team to BioClinica. These additions expand the ways in which we can work with our global biopharmaceutical clients to improve the overall clinical trial process,” said BioClinica president and CEO Mark Weinstein in a statement. “The acquisition of Tourtellotte further demonstrates how BioClinica is executing on our strategy of adding complementary products that deliver more efficient clinical trials.”
Tourtellotte Solutions generated approximately $3.9 million in revenue in 2008, and BioClinica estimates that the company will generate approximately $5 million in revenue for the full year 2009 on a stand-alone basis. For the remainder of 2009, BioClinica estimates that Tourtellotte will contribute approximately $1.2 million in revenue and a small amount of operating income to the CRO’s financials.
As part of the acquisition, Ed Tourtellotte, president of Tourtellotte Solutions, will join BioClinica as vice president, product innovation, and his team will become a part of BioClinica’s eClinical division.