NextDocs Raises $10.3 Million from OpenView Venture Partners

Series A financing intended to further increase the rapid growth in the life sciences market and to support entry into additional compliance market segments

KING OF PRUSSIA, Pa.--(BUSINESS WIRE)--NextDocs Corporation, the global leader in Microsoft SharePoint based software solutions for life sciences industries, today announced that the Company has received $10.3 million in a Series A financing from OpenView Venture Partners. NextDocs will use the financing to accelerate their current rapid growth, including investments in broadening product lines, customer service and support, and expansion into new markets.

"It has been a busy few months at NextDocs"

"The market for life sciences compliance solutions is undergoing significant change, and life sciences companies are no longer satisfied with the incumbent solutions due to their complexity and cost," says Firas Raouf, Venture Partner at OpenView Venture Partners. "Over the past few years, a new breed of compliance solution providers has emerged to satisfy the evolving needs of these companies. These new entrants have leveraged Microsoft SharePoint as the platform upon which to build the next generation of compliance solutions. After spending a good deal of time researching the space, it became clear that NextDocs was the leading provider in this emerging sector."

NextDocs' solutions help life sciences companies of all sizes reduce the cost and complexity of meeting compliance requirements by leveraging SharePoint-based Document and Quality Management software. Founded in 2006 by Chief Executive Officer Zikria Syed and Chief Technology Officer Matt Walz, the company is currently headquartered in King of Prussia, Pennsylvania, with offices throughout the U.S., Canada, and Western Europe.

"It has been a busy few months at NextDocs," says Syed. "We announced the creation of a Life Sciences Scalability Lab with Microsoft and a partnership with NNIT to expand our offerings in Europe. In addition, Microsoft named us a winner of their Life Sciences Innovation Award, and their Life Sciences Partner of the Year. As we continue to build on this momentum, we will look to deploy this capital from OpenView Venture Partners to enhance our existing product offerings for customers and expand product lines to meet our clients' changing needs."

NextDocs continues to grow rapidly, and in 2010, was ranked #52 in Inc.'s annual list of fastest growing companies in the United States. The company has over 100 customers across the life sciences industry, in a variety of sectors, including: pharmaceuticals, medical devices, biotechnology, contract research organizations and university research foundations.

Raouf, who will be joining NextDocs' Board of Directors, continues, "What truly differentiates NextDocs is the breadth and depth of its solution, the exceptional list of large and mid-market customers, and extraordinary operational execution. The vision for NextDocs is to become the leading solution provider focused on addressing a wide range of compliance-centric needs in regulated industries."

Madison Park Group acted as the investment banking advisor to NextDocs in this transaction.

About NextDocs Corporation

NextDocs is the global leader in providing Microsoft SharePoint-based compliance solutions to life sciences organizations. It enables businesses in regulated industries to achieve compliance with FDA and other agencies while automating processes, improving efficiency and dramatically reducing costs. NextDocs customers include Pharmaceutical companies, Bio-Techs, Medical Device companies and CROs. For more information on NextDocs Corporation and the software solutions visit www.nextdocs.com.

About OpenView Venture Partners

OpenView Venture Partners is an expansion stage venture capital fund with a focus on high-growth software, Internet, and technology-enabled companies. Through its staff of seasoned operating executives, who collectively bring several decades of technology and management experience to the firm, OpenView is able to help portfolio companies with quickly ramping up Product, Go-To-Market, and Organizational and Operational functions to best practice levels. The firm was founded in 2006 and has a total capital under management of approximately $240 million. OpenView Venture Partners is based in Boston and invests on a worldwide basis.

 

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