Cork-based software firm Qumas bought for $50m
CORK-based quality management software firm Qumas has been snapped up by a US buyer for $50m (€36m).
Qumas, which helps pharmaceutical and medical device clients to meet regulatory requirements, has been bought by US medical software company Accelrys.
The chief executive of Qumas is Kevin O’Leary, who is based between the US and Ireland and was short-listed as ‘Entrepreneur of the Year’ by Ernst and Young in 2009.
Qumas, which was founded in 1994, reported sales of around €14m last year. It has two main operations, in Cork and Jersey City in the US.
Investors in the company who will be reaping rewards from the deal include a spate of venture capital firms like Irish and UK investor Delta Partners and Boston-based private equity fund Fidelity Growth Partners.
San Diego-headquartered Accelrys, which has more than 1,300 clients in the pharmaceutical, biotechnology, energy, chemicals, aerospace, consumer goods and industrial products industries, said the purchase of Qumas will provide it with “mission-critical, end-to-end document and process management compliance solutions” and advance its ability to help customers reduce regulatory risks, lower quality costs, improve compliance effectiveness and increase operational efficiency in bringing new products to market.