Cloud computing services provider 8K Miles Software today announced the takeover of US-based NexAge Technologies, that specializes in the life sciences sector, for $ 3 million making it the fourth acquisition over the past one year. San Francisco-headquartered 8K Miles Software is the only listed cloud computing player in the country and has its registered office in Chennai. “The acquisition will strengthen our life sciences competency, apart from providing access to enterprise clients and pharma technology solutions of NexAge,” 8K Miles Chairman and Chief Executive Suresh Venkatachari said.
The deal is expected to help add to the company’s already strong pharma sector offering and will help build a long-term annuity-based recurring revenue model, he added. Venkatachari said 8K Miles does not need to raise any debt to fund the acquisition and will mop up the funds from internal accruals. Over the past 12 months, 8K Miles has snapped up three firms in the health and pharma space alone.
Earlier this year, it had acquired the US-based <g data-gr-id="16">Cintel</g> Systems, Canada-based Mindprint and another US-based firm SERJ Solutions to strengthen its portfolio in the fast-growing life sciences sector.