Q1 Sales Exceed Expectations and Drive a 132% Increase in Revenue Backlog
DURHAM, NC — April 8, 2014 — Clinverse, Inc. announced today it has recently closed a record first quarter to start 2014. The company’s Q1 success can be attributed to the addition of four significant new clients, as well as strong additional repeat business from existing clients.
By awarding Clinverse a 5-year enterprise agreement, a top 5 CRO acknowledged the company’s leadership position in managing investigator payments. Clinverse will immediately implement ClinPay across their organization and automate investigator payments for existing and future Phase 1 through Phase 4 global studies. Additionally, Clinverse was awarded two strategic partnerships: a mid-size biopharma client to implement ClinPay across multiple Phase 1-3 studies, and a global 500-site Phase 3 rescue study for a growing biotech client.
In Q1 2014, Clinverse continued its investment in strategic programs to accelerate software enhancements and new product development. These efforts will result in the release of four new additions to the ClinPay product suite throughout 2014.
Clinverse success by the numbers:
- Booked backlog increased by 132%
- Exceeded Q1 revenue expectations by 12%
- 112% growth in pipeline since Q2 2013
- 72% increase in ClinPay transaction volume
- Managing payments in nearly 50 countries in local currencies
“This quarter has set the pace for what is expected to be a great year for Clinverse,” said Denis Connaghan, CEO, Clinverse, Inc. “The addition of key new clients and the growth of our existing clients is confirmation of the market’s awareness of a need to enhance site services, in part by better financial management around investigator payments. The market growth has resulted in our pipeline more than doubling over the past 9 months. Clinverse is well poised to maintain its leadership position and drive more significant growth throughout 2014 and beyond.”
“With an increase of more than 132% in backlog, we’re in an excellent position in a fast-growing industry,” said Jay Trepanier, CFO, Clinverse, Inc. “We’re gaining great traction and quickly becoming recognized as the leader in a relatively new, and rapidly growing, untapped market.”
About Clinverse, Inc.
Clinverse, Inc. architected the industry’s first end-to-end technology solution that automates the financial lifecycle of global clinical trials. Powered by our secure technology platform, our solution standardizes clinical trial finance and manages millions of financial transactions across the globe, including clinical site payments. Used by leading BioPharma companies, our clients benefit from reduced workload, time, and costs gained through automation and unprecedented transparency and workflow. For more information, please visit www.clinverse.com.