Spinoff’s, Mergers and Acquisitions abound in the life science compliance firm. One firm Streebo the creators of Open Payments Analytics announced that it has completed the spin-off of its Pharmaceutical Software and Consulting Solutions practice as qordata. Qodata is a data management and business intelligence startup that provides software and consulting solutions to Pharmaceutical and Life science corporations in the areas of compliance, marketing and commercial operations. qorqata will inherit Streebo’s Open Payment Analytics platform that serves over forty customers in the pharma and medical devices industry.
“The decision to separate into two companies reflects our ongoing commitment to implementing bold changes in order to deliver sustainable growth and enhanced value to our customers,” said Usman Memon, managing partner and co-founder, Streebo, Inc.
qordata will be led by CEO Mohammad Ovais and will be headquartered in Princeton, New Jersey. The main driving force behind this move is innovation and commitment to become leaders in data management & business intelligence sector for Pharmaceutical and Life science corporations. qordata’s core strategy will focus on strengthening its pharmaceutical and life science industry portfolio.
“We expect to work closely with pharma, life sciences, medical device and diagnostic companies to provide software and solutions that solve critical business problems. With a targeted focus we expect to accelerate innovation and become the go-to partner for pharma companies on data and information management,” said Mohammad Ovais, CEO, qordata.
The two businesses operate in distinct markets and possess unique and compelling growth prospect. In addition, Streebo believes that the separation will result in other material benefits to the standalone companies, including:
- Greater management focus on the distinct business of pharmaceutical and life science software and consulting products.
- Benefit from independent management teams, each equipped with the resources, strategic autonomy and financial flexibility.