North Carolina-based biopharmaceutical firm, Syneos Health has announced that it’s secured a minority stake in Indegene’s subsidiary, Indegene Omnipresence.
Formed as a strategic alliance between Indegene and Microsoft in 2017, Omnipresence is a centralized customer experience platform for healthcare and life sciences organizations with CRM, advanced analytics, and AI capabilities all in one place. It most notably brings together Microsoft Power Platform, Dynamics 365, Azure, Office 365 including Teams, LinkedIn and Microsoft AI into the platform verticalized for the healthcare industry. This collaboration looks to not only advance but also revolutionize the experiences they can deliver to healthcare professionals, patients, and business stakeholders.
While neither company has disclosed the financial details of the deal, one report suggests that Syneos has invested around $20 million. It was just two weeks ago that the company enjoyed a 52-week high with its stock increasing nearly 17.7% since its third-quarter earnings announcement in 2019.
“This investment will further accelerate the roadmap and deployments of our Customer Experience Management (CXM) platform for life sciences and healthcare clients,” said Manish Gupta, co-founder and CEO of Indegene. “Indegene Omnipresence truly applies the power of modern omnichannel technology and advanced capabilities such as machine learning to achieve best-in-class customer-centric experiences.”
Gupta also outlined that the funds will be used for market expansion and increasing product visibility, with the hiring of sales and marketing professionals around the world, with a particular focus on the US and Europe.
Until 2004, the Bengaluru-based tech firm catered to the domestic market but has been making inroads towards global development ever since. This has resulted in a string of acquisitions, including health analytics platform, SmartCare from Connecticut-based Vantage Point for $6-8 million. Today, the company works with 75 of the world’s largest pharma companies and has more than 2,200 employees globally.
India’s SaaS market is expected to reach $3.4 billion by 2022 with a 36% annual growth according to a report by NASSCOM. The report also indicates that the growth can be credited to a cheaper workforce, abundant talent, mature sales ecosystem, and adoption of deep tech technologies in the country.