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2015-03-09

Cloud solutions firm 8K Miles buys SaaS startup Mindprint for $400K

Prasad A Sristi, president of Mindprint Inc, will take on the role of VP, product management and business development at 8K Miles.

Cloud solutions provider 8K Miles Software Services Ltd has acquired Mindprint Inc., a clinical research software startup focused on analytics and operational software for Clinical Research Organisations (CROs) and pharmaceutical firms, as per a stock market disclosure.

8K Miles, headquartered in San Francisco Bay Area, is a public listed firm in the country with operational base in Chennai. 8K Miles was founded by Venkatachari, along with Lena Kannappan (COO), RS Ramani (CFO) and Harish Ganesan (CTO).

Under the deal, it has entered into an asset purchase agreement that includes acquisition of intellectual property, client contracts and employees for $400,000 (Rs 2.5 crore) in cash and stock. This includes $150,000 in cash and $250,000 worth of stock of 8K Miles' US subsidiary.

Mindprint specialises in providing SaaS analytics and operational software to CROs and pharmaceutical companies based in Markham, Ontario (Canada). Global CROs use Mindprint solutions to track profitability, resource utilisation, study progress and forecasts.

With this acquisition, Prasad A Sristi, president of Mindprint Inc, will take on the role of VP, product management and business development at 8K Miles. "We are very excited to become an integral part of the 8K Miles success in the CRO market. Our common competencies enable us to broaden our reach and strengthen existing partner relationships, while we extend greater value within our client base," said Sristi.

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