Today marks the next phase in a journey that started 10 years ago.
I am very excited to announce that we have reached an agreement under which Oracle will acquire goBalto to accelerate R&D innovation and the global footprint of our industry leading study startup platform.
I know this may come as a surprise to many, so I thought it would be helpful to explain how we arrived here and why I am convinced this is exactly the right next step for our team, our clients and our partners.
It feels like yesterday when I first came up with the idea to start goBalto.
"To help global life science companies start their clinical trials faster."
The idea of goBalto sparked from seeing how life science companies were starting their clinical trials - tracking all their tasks and documents through cumbersome, complex spreadsheets across thousands of research sites spanning numerous countries around the world. Imagine if we could create a solution that would "guide" specialists on exactly what they had to do next – "TurboTax for clinical trials"! And so my quest began.
Original goBalto Employees - goBalto launch party in 2008!
Never in my wildest dreams could I have imagined what would happen in the next decade. We pioneered a billion-dollar software category and are the undisputed leader in delivering technologies to accelerate how clinical trials are started. Our solutions have activated over 90,000 research sites across 2,000 clinical trials in over 80 countries. Most importantly we have reduced the time it takes to get medicines to those in need faster - by over 30%!
And yet it feels like we're just getting started.
Today's announcement that we're joining forces with Oracle marks the next, logical step in our journey to realize our mission.
I believe we are at yet another inflection point in our industry.
As patients are getting increasingly connected, organizations are facing increasing challenges to cope with vast amounts of health data and clients are expecting greater transparency to improve clinical trial decision making. Emerging technologies like wearables, sensors and AI will drive an incredible convergence between the digital and physical worlds, creating entirely new industries and business moments in which people, data, businesses and things work together, dynamically.
This has also put greater pressure on business/IT organizations to integrate applications and technologies in a more seamless manner.
And this is where Oracle comes in.
As one of the world's largest enterprise cloud computing powerhouses, there are few companies on the planet better positioned to deliver a true end-to-end clinical trial platform. With customers in 175 countries and more than 38,000 developers and engineers, Oracle has access to know-how, expertise and reach few others can match.
Our two teams first met a couple years ago and what started as a discussion about a strategic partnership, gradually evolved into a much bigger vision. The more time we spent together, the more we realized how our visions were aligned. Together with Steve Rosenberg, James Streeter and Sujay Jadhav (CEO of goBalto) we identified three strategic areas where we could win together:
Accelerate goBalto's leadership in study startup doubling down on R&D investments and geographical expansion: By becoming a part of Oracle, we will be able to access an even bigger investment than going public, and we will immediately get access to an enormous global infrastructure that would take much longer to stand-up ourselves. They are building the world's most comprehensive cloud clinical trial platform from the ground up, with an incredible team. We are committed to significantly accelerate investments in R&D, Customer Success and global expansion.
Combine goBalto and Oracle Clinical Solutions to create the industry's first purpose-built workflow platform spanning trial design, budgeting, planning, site selection, site activation, randomization and trial supply management, electronic data capture, safety and signal detection.
Unify clinical trial systems to drive end-to-end processes for better visibility and improved study execution, that benefits from goBalto's best of breed study startup technologies combined with Oracle's far reaching clinical trial platforms.
So what will this mean for our customers, our team, our partners, and our community?
First of all, our mission isn't changing. We're just going to execute bigger! Our clients will continue to receive the best innovations in study startup technologies from our team.
Second, our entire team will be retained and continue to operate as it does today, including myself and our executive team.
Third, you now have the benefit of a pre-integrated solution with a leader in the clinical trial technology market, who has the might of a multi-billion-dollar, global enterprise behind them. You're going to see faster innovation, more reach and an even better customer experience from us.
I'd like to thank our customers, our partners, our community and our team for believing in our vision and trusting goBalto through the years. I also want to thank the team at Fenwick & West, our legal advisor, and the team at Allen & Company LLC, who acted as an exclusive financial advisor to goBalto in this transaction.
goBalto's Client Advisory Board outing in NYC...with whom else but our clients! Spring 2018
This is an exciting next step and it is one we believe will have a lasting impact on how therapies are developed. It is an exciting day. Thank you to everyone who played a part in our journey.
We're just getting started!
President and Founder
Jae Chung is the president and founding visionary of goBalto. A startup evangelist, Chung wants to change the way pharma and CRO companies initiate clinical trials. goBalto's purpose-built study startup SaaS solution allows stakeholders to better adhere to established timelines and budgets, with customers reporting reduction in cycle times by 30-plus percentage, thereby getting medicines to those in need faster.
Chung works with Rock Health to mentor healthcare technology startups, and previously co-founded Celltrion (068270:KOSDAQ), a leading biopharmaceutical manufacturing company. Prior to Celltrion, he worked as a strategy consultant with McKinsey & Company.
In 2013 Jae was recognized as a FierceBiotechIT Top-10 Techie list and in 2010 was awarded the Bio-IT World Judges Prize for Technology Innovation. Jae has experience in drug development, commercialization, and business development. He has an MBA from New York University and holds a CPA.