Oracle Corp., one of the largest vendors of business enterprise software, has announced that the company has acquired medical software maker Phase Forward in a $685 million deal, which is predicted to be closed around middle of this year.
Phase Forward, which is based in Massachusetts, US, is a medical software developer which creates software for medicine manufacturers that use it to monitor the entire medicine manufacturing process, from clinical trials of the medicine to keeping a tab on the drugs after they get the approval from the regulator.
According to a statement released by Oracle, which recently completed the acquisition of Sun Microsystems, Phase Forward's workforce will be merged with Oracle's Healthcare Sciences global business unit.
Oracle plans to exploit the emerging medical business software market by being one of the first vendors to offer a comprehensive enterprise software suite for medicine manufacturers, hospitals and medical research labs.
Expressing his views on the acquisition of Phase Forward by Oracle, Bijan Salehizadeh, a venture capitalist at Highland Capital Partners, said in a statement that “If you're a pharmaceutical company I'm not sure you think of Oracle as the company you go to. It's hard to get into health care credibly without starting as a health-care-focused company.”