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| Parexel CEO Josef von Rickenbach |
Parexel International ($PRXL) has bought up the U.K.'s ClinIntel, a supply chain software outfit that should fit right in with the CRO's growing technology business.
In ClinIntel, Parexel gets a company devoted to clinical randomization and trial supply management (RTSM), providing software that allows sponsors and CROs to handle patient data, site information and inventory management. Parexel plans to fold the company's offerings into its own ClinPhone RTSM platform, which it revamped over the summer.
Parexel believes a deeper dive into RTSM can help its clients more quickly get off the ground at the study start-up stage, when sponsors must juggle screening, enrollment, drug dispensation and supply distribution all at once. ClinPhone is designed to streamline those and other fundamental trial activities, freeing investigators to focus on patient outcomes, Parexel said.
"As the use of technology has expanded in the conduct of clinical research, Parexel has been a leader in randomization and trial supply management," CEO Josef von Rickenbach said in a statement. "By combining the trial supply management technologies from ClinIntel with our existing ClinPhone solutions, we believe we have an opportunity to further advance our position as a clinical technology leader and grow market share by bringing enhanced speed, efficiency and simplicity to our RTSM offering."
Parexel isn't disclosing the price tag on ClinIntel, saying only that it funded the deal with existing cash. The CRO plans to integrate its new acquisition into its Parexel Informatics unit.
That business, which dropped its former "Perceptive" moniker and took on the company name in February, has been Parexel's most reliable growth engine. In the fiscal year ended June 30, the segment brought in $267.9 million, a 17% jump over the same period last year.
- read the statement