OmniComm Systems Buys EDC Business of eResearchTechnology
Fort Lauderdale, Fla.-based OmniComm Systems, a clinical trials electronic data capture (EDC) solutions company and eResearchTechnology (ERT), a global provider of cardiac safety and clinical data, announced that OmniComm has acquired the EDC business of ERT.
Revenues for ERT's EDC business were $5.9 million in the year ended December 31, 2008, and $1.4 million in the three months ended March 31, 2009.
Under the terms of the transaction, OmniComm issued 8.1 million shares of common stock and assumed certain liabilities including deferred revenue relating to ERT's EDC business in exchange for the EDC assets of ERT, which primarily include its EDC software, applications, and fixed assets, and $1.15 million in cash paid by ERT. OmniComm's shares last traded over-the-counter at 25 cents a share.
OmniComm will be opening a new branch office in the New Jersey area and will be transitioning the majority of the ERT's EDC support team to this new office to provide on-going support and maintenance to the ERT customers.
"We believe strongly in the long-term growth of the EDC and eClinical markets. We have positioned ourselves to be a leading provider of EDC solutions and expect this transaction to allow us to grow more rapidly. By combining the two EDC businesses, OmniComm extends and deepens its roster of EDC customers and gains several key technologies," stated Cornelis F. Wit, CEO of OmniComm Systems.