Medidata Solutions

Medidata Solutions is an American technology company that develops and markets software as a service (SaaS) for clinical trials. These include protocol development, clinical site collaboration and management; randomization and trial supply management; capturing patient data through web forms, mobile health (mHealth) devices, laboratory reports, and imaging systems; quality monitor management; safety event capture; and monitoring and business analytics. Headquartered in New York City, Medidata has locations in China, Japan, Singapore, South Korea, the United Kingdom, and the United States.

Medidata Solutions, Inc.
TypePrivate
IndustryClinical development technology
Computer software
Software as a service
Healthcare equipment
Founded1999; New York, NY
FounderGlen de Vries
Edward Ikeguchi
Tarek Sherif
Headquarters
350 Hudson Street,
New York, NY, United States
Area served
Worldwide
Key people
Tarek Sherif
(CEO, Chairman)
Glen de Vries
(President)
ProductsMedidata Rave Clinical Cloud
Medidata Rave EDC
Medidata Rave RTSM
Revenue $636 million (2018)[1]
Number of employees
1,998 (2018)[2]
ParentDassault Systemes
Websitemedidata.com

Medidata's customers include pharmaceutical, biotechnology, medical device, and diagnostic companies; academic and government institutions; contract research organizations; and other life sciences organizations around the world that develop and bring medical therapies and products to market.

History

The company was founded in June 1999 by Tarek Sherif, Glen de Vries and Ed Ikeguchi.[3][4][5] In 1994, de Vries and Ikeguchi created OceanTek, a startup that developed Web applications for conducting clinical trials and was the precursor to Medidata.[6] In 1999, they restarted the company as a new firm and, together with Sherif, formed Medidata, to provide online systems for designing and running clinical trials.[6][7] In 2004, they completed a $10 million round of financing with Insight Venture Partners,[7] and were later backed by investors including Milestone Venture Partners and Stonehenge Capital Fund.[8] Ikeguchi left the company in 2008, and de Vries moved from chief technology officer to president, with Tarek as chief executive officer.[6]

On January 26, 2009, Medidata filed to raise $86 million in an initial public offering (IPO).[8] It made its IPO on the Nasdaq Stock Market on June 25, 2009, with its market capitalization at $313 million.[9] It debuted on the Nasdaq at $18 per share.[4] The company was ranked #11 on Fortune magazine's 2017 Fortune Future 50 list,[10] #51 on the Fortune 100 Fastest Growing Companies list,[11] and #59 on the Forbes list of Most Innovative Growth Companies, at a value of $3.3 billion as of May 2017.[12] In 2018, Medidata was ranked #70 on Barron's 100 Most Sustainable Companies list.[13]

Acquisitions

Medidata acquired Fast Track Systems in March 2008 for approximately $18 million.[8][14] The company acquired Clinical Force in July 2011,[15][16] Patient Profiles in October 2014,[17] Intelemage in April 2016,[18] Chita in February 2017,[19] Mytrus in April 2017,[20] and SHYFT Analytics in June 2018.[21] Medidata was itself acquired by Dassault Systèmes in 2019, with an expected official close of the purchase in Q4.[22]

Software

Medidata offers a cloud-based platform for clients to build their own clinical trials and perform medical research. On the platform, physicians and scientists can collect and share clinical trial data.[3][9][23] The company helps biopharmaceutical and medical device companies run clinical trials, and streamlines the process for life science firms designing the trials.[3][4] As of 2017, Medidata customers include 18 of the world's top 25 pharmaceutical companies,[24] with clients such as Johnson & Johnson, AstraZeneca, Amgen, Cancer Research UK, GlaxoSmithKline, Novartis and Hoffmann-La Roche.[2][14] Clients also include biotechnology companies, government institutions, and contract research organizations.[6]

The company has two primary products. Medidata Rave EDC, its flagship product, introduced in 2001, is a single system for electronic data capture and clinical data management, allowing client data to be accessible in one place.[14][24][25][26] Medidata Rave Clinical Cloud, introduced in 2013, is a platform used for data capture and management of patient-related data for clinical operations.[7][26][27] In February 2018, Medidata announced plans to launch virtual trials as a part of its platform's clinical trial products, allowing patients to participate remotely in drug development trials.[28]

Locations

Headquartered in New York City,[29] the company has additional offices in the United States in Boston, Massachusetts; Iselin, New Jersey; Houston, Texas; San Francisco, California; Davis, California; San Mateo, California; and Cincinnati, Ohio. Internationally, Medidata maintains offices in London, England; Düsseldorf, Germany; Tokyo, Japan; Beijing, China; Shanghai, China; Seoul, South Korea; and Singapore.[2][26] They also have a data center in Frankfurt, Germany.[2]

In September 2014, Medidata discovered that it had been the victim of a fraudulently induced transfer of nearly $4.8 million. The company filed an insurance claim for its loss, which was denied by its insurer, Federal Insurance Co., a subsidiary of Chubb Ltd. The insurer claimed that its policy only covered losses resulting from fraudulent entry or hacking into a computer system and that in this case the transfer was voluntary, while Medidata argued that the thief's actions did come within the policy's definition of covered losses.[30][31] On July 21, 2017, a federal court in New York ruled that Medidata was entitled to coverage from Federal Insurance for the $4.8 million loss.[31][32] Federal Insurance's appeal is pending.[33]

On January 26, 2017, Medidata filed a lawsuit in federal court in New York against five former employees and Veeva Systems Inc., in which it accused Veeva of trade secret theft. The complaint alleges that Veeva induced former Medidata employees to reveal confidential information and trade secrets that belong to Medidata.[34][35] On August 16, 2017, the court denied Veeva's motion to compel arbitration,[36] and on September 20, 2017, Medidata filed its Second Amended Complaint, which names Veeva as the only defendant. The case is ongoing.[37]

References
  1. Yahoo! Finance
  2. "High-flying tech firm expands Hammersmith HQ," ibhf.gov.uk, October 6, 2017.
  3. Kaihan Krippendorff, "The 5-Part Formula For Growth," Fast Company, August 2, 2012.
  4. Bertha Coombs, "Medidata IPO Bookends CEO's 'American Dream'," CNBC, June 25, 2009.
  5. Sally Ann Flecker, "Clinically Proven," Carnegie Mellon Today, April 29, 2015.
  6. Glen de Vries, "Dance Lessons in Life," New York Times, May 5, 2012.
  7. Matthew Herper, "Rx For Software: Can Medidata Solutions Save Drug Companies Billions?" Forbes, March 3, 2014.
  8. Claire Cin Miller, "OpenTable and Medidata Hope to End I.P.O. Drought," New York Times, February 2, 2009.
  9. Scott Austin, "Medidata IPO Prices, No. 3 For Venture-Backed Companies," Wall Street Journal, June 24, 2009.
  10. "The Future 50," Fortune, 2017.
  11. "Fortune 100 Fastest Growing Companies," Fortune, 2017.
  12. "Most Innovative Growth Companies," Forbes, May 2017.
  13. Leslie P. Norton, "Barron’s 100 Most Sustainable Companies," Barron's, February 3, 2018.
  14. Phil Taylor, "Medidata plans $86m IPO," Outsourcing-Pharma.com, January 28, 2009.
  15. Roth, Gil (20 June 2011). "Medidata To Acquire Clinical Force". Breaking News. PharmaTimes. Retrieved 2016-07-23.
  16. Nick Taylor, "Medidata plans acquisitions to continue strong profit growth," Outsourcing-Pharma.com, November 9, 2011.
  17. "Medidata Solutions, Inc. Announces Availability of Patient Profiles Offering," biospace.com, December 10, 2014.
  18. BusinessWire, April 4, 2016
  19. John Kennedy, "Medidata acquires Elan IT spin-out CHITA," Silicon Republic, February 20, 2017.
  20. Jonah Comstock, "Medidata acquires Mytrus in mobile clinical trial merger," Mobi Health News, April 24, 2017.
  21. "Medidata Defines the Future of Life Sciences with Acquisition of SHYFT Analytics". Medidata Solutions. 2018-06-12. Retrieved 2018-10-13.
  22. Amiel, Geraldine. "Dassault Dives Into Health Tech, Buying Medidata for $5.7 Billion". Fortune. Retrieved 27 September 2019.
  23. Natasha Lindstrom, "Carnegie Mellon receives $10M gift from alum who runs global tech company," Tribune Live, December 12, 2017.
  24. Nick Paul Taylor, "Biogen switches to Medidata Rave, tipping balance of eClinical power further still," Fierce Biotech, July 21, 2016.
  25. "Wyeth Selects Medidata Rave as Its EDC Standard," Bio IT World, November 29, 2017.
  26. "Medidata Solutions," Success Story. Accessed January 25, 2018.
  27. Dhruv Vasishtha, "Using Tech To Cure Disease: Interview With Medidata President, Glen de Vries," The Wharton Journal, February 8, 2017.
  28. Stephanie Baum, "What's the future of clinical trial design? Medidata sees a blend of virtual and in-person components," Med City News, February 9, 2018.
  29. Daniel Geiger, "Medidata Close to 100K s/f Deal at 350 Hudson," Commercial Observer, September 26, 2012.
  30. Crowe, Kathleen (October 20, 2016). "Beyond Hacking: Coverage for Social Engineering Scams and Schemes" (PDF). americanbar.org.
  31. Sam Boyer, "Judge orders Federal Insurance to pay up $4.8 million claim," Insurance Business, July 25, 2017.
  32. Jeff Sistrunk, "Medidata Covered For $4.8M Computer Fraud, Judge Rules," Law 360, July 21, 2017.
  33. John Lande, "Maybe you have cyber-insurance coverage after all," Dickinson Law, September 7, 2017.
  34. Ray, Claudia (January 26, 2017). "Medidata-v-Veeva-Complaint" (PDF). Medidata Solutions.
  35. Peter Blumberg and Sarah McBride, "Veeva Turns the Tables in Fight Over Tech Hiring Barriers," Bloomberg Businessweek, July 18, 2017.
  36. "Medidata Solutions, Inc. v. Veeva Systems Inc.," New York Law Journal, August 22, 2017.
  37. "Medidata Solutions, Inc. v. Veeva Systems Inc. et al," docketalarm.com, as of February 20, 2018.
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