Phase Forward Buys Waban for $14M

Ryan McBride4/22/09

Phase Forward (NASDAQ:PFWD), a Waltham, MA-based provider of data management software for clinical trials and drug safety, says that it has acquired Waban Software for $14 million in cash. Waban, based in Cambridge, MA, and with offices in Mumbai, India, sells software for automation and compliance of clinical trials analysis and reporting. Waban, which will become Waban Software Group and be based in Waltham, had 2008 revenue of $4 million and broke even for the year, according to Phase Forward.