Oracle acquires Phase Forward

Oracle has bought the healthcare and life sciences software company, paying at 30-percent premium for its services

Oracle said on Friday it will acquire Phase Forward, a healthcare and life sciences software provider, for $685m. Oracle, which is intensely focused on vertical-specific applications, said the deal will bolster its healthcare software line-up.

Phase Forward's software is delivered as a service. The company's Integrated Clinical Research Suite manages the drug submission development and safety processes from trial to submission to the Food and Drug Administration and other authorities.

Oracle paid $17 (£11) a share for Phase Forward, which closed on Thursday at $13.08 a share, marking the deal as a 30-percent premium. The purchase will help position Oracle for the healthcare IT boom. Phase Forward was showing some strong growth. In 2009, Phase Forward delivered revenue of $213.3m, up 25 percent from 2008. Net income was $8m.

For more on this story, see Oracle buys Phase Forward; Bolsters healthcare software on ZDNet.com