Veeva Acquires Crossix For $430M
By Clinical Research News Staff
September 30, 2019 | Veeva Systems announced its acquisition of Crossix Solutions last week. Under the terms of the agreement, Veeva will acquire Crossix for a purchase price of $430 million, paid all in cash, subject to customary purchase price adjustments. Crossix will operate as an independent business unit under its current brand led by Crossix CEO Asaf Evenhaim. The company will remain headquartered in New York and continue operations in Israel and Belarus.
Trusted by more than 200 pharmaceutical brands, Crossix delivers privacy-safe U.S. patient data and a best-in-class analytics platform to help maximize media and marketing effectiveness.
“The needs of physicians and patients are at the center of everything the pharmaceutical industry does,” Paul Shawah, senior VP of Commercial Strategy at Veeva told Clinical Research News via email. “Getting the right information to the right people is critical for physicians to treat patients and patients getting the best possible care. By combining Crossix’s expertise in privacy-safe patient data and analytics with Veeva’s leadership in helping companies engage with the right healthcare professionals, we hope to help the industry deliver the best possible health outcomes for patients.”
The Crossix analytics platform provides technology that connects health and non-health data for more than 300 million U.S. patients to drive greater marketing effectiveness. Data includes Rx, OTC, clinical, claims, consumer, hospital, media data, and more—all of which is protected by best-in-class privacy safeguards.
Shawah called Crossix “the pioneer in privacy-safe patient data and analytics” and highlighted the team’s expertise in patient data and data science. “This will be an entirely new area of focus for Veeva,” he said.
“Over time, we will develop new solutions leveraging our combined strengths to deliver innovative commercial data, software, and services solutions that will help the industry deliver better health outcomes for patients,” Shawah added. “We expect Crossix data will be used to create new Veeva OpenData offerings and Crossix data will be available in Veeva CRM and Veeva Nitro. In addition, Veeva OpenData and Veeva CRM activity data will be used to develop new Crossix solutions.”
In addition to the $430 million cash purchase, certain Crossix employees will receive long term equity retention grants valued at approximately $120 million in the aggregate. The acquisition is expected to close in November, subject to customary closing conditions and regulatory reviews.
Trusted by more than 200 pharmaceutical brands, Crossix delivers privacy-safe U.S. patient data and a best-in-class analytics platform to help maximize media and marketing effectiveness.
“The needs of physicians and patients are at the center of everything the pharmaceutical industry does,” Paul Shawah, senior VP of Commercial Strategy at Veeva told Clinical Research News via email. “Getting the right information to the right people is critical for physicians to treat patients and patients getting the best possible care. By combining Crossix’s expertise in privacy-safe patient data and analytics with Veeva’s leadership in helping companies engage with the right healthcare professionals, we hope to help the industry deliver the best possible health outcomes for patients.”
The Crossix analytics platform provides technology that connects health and non-health data for more than 300 million U.S. patients to drive greater marketing effectiveness. Data includes Rx, OTC, clinical, claims, consumer, hospital, media data, and more—all of which is protected by best-in-class privacy safeguards.
Shawah called Crossix “the pioneer in privacy-safe patient data and analytics” and highlighted the team’s expertise in patient data and data science. “This will be an entirely new area of focus for Veeva,” he said.
“Over time, we will develop new solutions leveraging our combined strengths to deliver innovative commercial data, software, and services solutions that will help the industry deliver better health outcomes for patients,” Shawah added. “We expect Crossix data will be used to create new Veeva OpenData offerings and Crossix data will be available in Veeva CRM and Veeva Nitro. In addition, Veeva OpenData and Veeva CRM activity data will be used to develop new Crossix solutions.”
In addition to the $430 million cash purchase, certain Crossix employees will receive long term equity retention grants valued at approximately $120 million in the aggregate. The acquisition is expected to close in November, subject to customary closing conditions and regulatory reviews.
