2014 Outlook Strong – Revenues and Flagship ClinPay® Clients Expected to Again Double; Hiring Trajectory to Continue
DURHAM, NC — December 04, 2013 — Clinverse, Inc., provider of the first end-to-end, cloud-based financial lifecycle system for automating global clinical payments, celebrates its five-year anniversary with tremendous growth momentum, on track to double revenue year-over-year in 2013, and projected to again double revenue in 2014.
Momentum is clearly building on the global client front. Clinverse is currently contracted to facilitate site payments to thousands of global clinical trial sites in more than 40 countries. The number of ClinPay clients has more than doubled in 2013, and is again expected to do so in 2014. In Q2 2013, a top 5 global biotech implemented ClinPay to automate site payments in 25 countries, and several other enterprise-level contracts are currently in negotiation.
Clinverse has been on a hiring trajectory, nearly doubling its staff over the past year to support its growth. Seasoned, industry veterans joined the executive team, further solidifying the company’s position as the original innovator of automated global clinical payment systems. Clinverse hired and incorporated a structured sales and marketing organization, while also growing its in-house development team by 38% in 2013. In September, Clinverse moved its headquarters to a new location in Durham, NC, more than doubling the size of its previous office space.
Clinverse will continue to expand its financial lifecycle system, with the addition of two product modules to be released in 2014. ClinView will allow sites with approved access to gain real-time views into their respective paid financial history. Clinverse’s Budgeting and Forecasting module will develop and maintain investigator payment budgets, and then apply that data to future trial expectations to provide a financial forecast.
“As pioneers in SaaS-based clinical payment technology, we have our finger on the pulse of what’s happening in the industry, and we’re well-equipped to anticipate and provide innovative solutions that our clients really need,” said Denis Connaghan, CEO, Clinverse. “By providing real-time visibility into our clients’ financial outlook and a greater level of control over their financial data than ever before, not only do they have a higher level of confidence, they are also experiencing significant time savings and resource efficiencies – all critical for success and moving forward to the next phase of their clinical trial.”
Clinverse also executed on its formal partnership strategy over the course of the year, teaming with other innovative and forward-thinking companies, allowing the company to expand its global footprint and reach a broader audience of pharmaceutical and biotech companies who can greatly benefit from automated payment capabilities in conjunction with partner solutions and services. In addition to an existing relationship with Medidata, Clinverse announced a strategic partnership with EDC provider, OmniComm Systems, Inc. in September. This integrated solution eliminates the potential for errors and reduces costs for sponsors for using EDC data to trigger automated payments.
Clinverse recently conducted a highly successful webinar on putting contract terms to work to improve clinical trial performance. The presentation featured the expertise of two prominent industry thought leaders, Christine Pierre, President of the Society for Clinical Research Sites (SCRS), and Serena Lau, Principal Associate at RH Bouchard & Associates. The company plans to continue its series of Best Practices in the Financial Lifecycle of Your Clinical Trial in 2014 with additional whitepapers and webinars.
“This has been an amazing year for Clinverse, one in which we’ve seen many changes in the marketplace,” commented Connaghan. “We spent more than two years developing and refining our core technology before ever going to market, and we’re now seeing market demand catching up to the industry. We’re educating the marketplace that a best-in-class solution to automate the clinical trial financial lifecycle exists, and will continue to incorporate innovative practices moving forward in 2014.”
About Clinverse, Inc.
Clinverse, Inc. offers the industry’s first end-to-end, cloud-based financial lifecycle system for automating clinical payments globally. Used by leading BioPharma companies, our clients benefit from reduced costs through automated financial processing and unprecedented transparency and workflow. Powered by our highly secure technology platform, our solution manages millions of global financial transactions in 140 different currencies. For more information, please visit www.clinverse.com.
Molly Thompson, Crossroads PR, for Clinverse