Series A financing intended to further increase the rapid growth in
the life sciences market and to support entry into additional compliance
market segment
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.
“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.”
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.
Contacts
for NextDocs
Theresa Murray, 610-228-2126
Theresa@GregoryFCA.com
or
for
OpenView Venture Partners
Amanda Maksymiw, 617-478-0935
amanda@openviewlabs.com