A Huge Tax Break Went to a Politically Connected Company in New Jersey Despite Red Flags

(Republished under ProPublica guidelines)

ProPublica logo

 SIGN UP

THE REAL BOSSES OF NEW JERSEY

A Huge Tax Break Went to a Politically Connected Company in New Jersey Despite Red Flags

Holtec International told New Jersey regulators that Ohio was competing for its new headquarters. But officials there stripped the firm of past tax awards for failing to create the jobs it promised.

by Jeff Pillets and Nancy Solomon, WNYC, and Alex Mierjeski, ProPublica June 26, 5 a.m. EDT

The exterior of a Holtec International facility in Camden, N.J. (Matt Rourke/AP Photo)

THE REAL BOSSES OF NEW JERSEY

How Unelected Officials Run Your Government

This article was produced in partnership with WNYC, which is a member of the ProPublica Local Reporting Network.

ProPublica is a nonprofit newsroom that investigates abuses of power. Sign up for ProPublica’s Big Story newsletter to receive stories like this one in your inbox as soon as they are published.

In January 2014, as Holtec International explored sites for a new national headquarters and high-tech manufacturing center, the New Jersey company told state officials that the Garden State had stiff competition.

<script type=”text/javascript” src=”https://pixel.propublica.org/pixel.js” async=”true”></script>

A number of other states, including Ohio and South Carolina, had offered “robust proposals” to persuade the nuclear technology firm to relocate, said Holtec CEO Kris Singh in his sworn application to the New Jersey Economic Development Authority.

Generous tax breaks from New Jersey’s new economic development program, he argued, could place Camden “on a level playing field” with Holtec’s other suitors. In return, the firm pledged the retention of 160 jobs and the creation of an additional 235 positions. Six months later, the EDA awarded the company $260 million in taxpayer assistance — the second-largest tax break in state history.

What Holtec didn’t reveal, though, was that just weeks before filing its application in New Jersey, Ohio had stripped the company of tax credits there for failing to create the jobs it had promised as part of a similar program. According to records obtained by WNYC and ProPublica, none of the 200 positions it had pledged in 2009 to bring to Orrville, a small town about 20 miles outside Akron, ever materialized.

Holtec, in a letter to Ohio regulators, blamed its problems on the failure of new manufacturing equipment that led to a “major setback.” The company also said it was suffering an overall “decline in orders” caused by “lower quality overseas competitors.”

In the same letter, Holtec asked Ohio to consider applying the old credits to its new plan to build a high-tech manufacturing center. But there is no record that the state ever granted that request.

In fact, local elected officials and economic development staffers in Ohio, as well as South Carolina, said in interviews that they knew of no approved package of incentives their states had offered Holtec.

“We keep pretty close tabs on all our companies here, and we never heard anything about that,” said Orrville Mayor David Handwerk, who visited Holtec’s plant on Dairy Lane only a few weeks ago.

Holtec did not respond to multiple requests for comment.

Get Our Top Investigations

Subscribe to the Big Story newsletter.

The previously unreported Ohio deal provides a new window into New Jersey’s embattled tax break program and how state regulators missed key facts as companies maneuvered to qualify for controversial incentives that are now under scrutiny by a state task force and the state attorney general.

Holtec, in particular, has become Exhibit A in a program that critics have blasted for what they say is fraud and mismanagement. In May, WNYC and ProPublica discovered that the company had given a misleading sworn statement; it falsely answered “no” about once being barred from working with a federal agency, a situation that could have jeopardized its application. After the story, state officials put Holtec’s tax break on hold and announced an investigation into the firm. Holtec has said that it made an “inadvertent mistake” that it would like to correct.

In a blistering interim report last week, a state task force appointed by New Jersey Gov. Phil Murphy identified the EDA’s lack of due diligence as a major failing for an $11 billion program intended to boost the state’s sluggish economy, especially in hard-hit cities like Camden. On multiple occasions, EDA staffers failed to flag problems in multimillion-dollar tax break applications because the agency had “no formal training” and a “fundamental lack of controls,” the task force said.

EDA officials confirmed that Holtec did not disclose its Ohio troubles. “This was not reported in Holtec’s application or legal questionnaire,” said Virginia Pellerin, a spokeswoman for the authority. “It is not apparent … that Holtec informed the EDA of this.”

On Wednesday, after publication of this story, the EDA announced that it has asked six companies, including Holtec, for additional information “to afford the companies the opportunity to respond in writing to a range of recent developments,” including the task force report. Potential actions, subject to a board vote, could include reductions in awards, suspensions of tax breaks or terminations of incentives.

“We have no higher obligation than to serve as stewards of taxpayer dollars, and the process we are initiating today will enable our team to make a determination of appropriate next steps with regard to these specific companies,” said Tim Sullivan, the authority’s CEO. “Transparency and accountability should be the hallmark of any public investment program, and we take any allegations of wrongdoing very seriously.”

Read More

How Companies and Allies of One Powerful Democrat Got $1.1 Billion in Tax Breaks

Meet George Norcross. Nearly two thirds of $1.6 billion in tax incentives in his hometown of Camden, New Jersey, went to his own company, business partners, political allies and clients of his brother.

Holtec is part of a constellation of companies tied to the South Jersey Democratic boss George E. Norcross III, who is an unpaid member of Holtec’s board, and his brother Philip, who is a lawyer and lobbyist whose firm wrote part of the tax break law and represented Holtec’s application. All told, companies connected to the two power brokers received at least $1.1 billion in tax breaks. The EDA has targeted five of those firms in its inquiry.

The governor’s task force found that New Jersey’s politically connected insiders steered tax breaks to favored businesses and nonprofits, which, in turn, won millions in incentives through questionable claims on their tax break applications. The Norcross brothers have denied any wrongdoing.

The fallout has riven New Jersey politics. Last week, state lawmakers approved a bill extending the life of the controversial incentive program through 2020 — a move Murphy promptly attacked, promising to veto the measure if it did not include significant changes.

Under the program, firms that are at risk of moving outside New Jersey are eligible for higher tax incentives, and investigators cited efforts by several Norcross-connected firms to obtain competing real estate offers from other jurisdictions, even though they had already committed to staying in state.

Cooper Health System, for instance, where George Norcross is chairman, provided the state with lease information about an alternative site in Philadelphia even though it had no intention of moving there, the task force found. The hospital system has denied any wrongdoing.

In another email revealed by state investigators, a representative of a firm called NFI discussed whether his company and another business, The Michaels Organization, could use the same building in Philadelphia to convince New Jersey officials they intended to move out of state.

“I think it would be a little suspicious to ask for a duplicate. Any thoughts?” wrote Steven Grabell, chief financial officer for NFI.

George Norcross has joined with those two firms, as well as Cooper Health and his brother’s law firm, Parker McCay, in a lawsuit challenging Murphy’s panel, which he says is an illegal attempt by the governor to single out him and his business partners.

The groups argue that they have “made an enormous investment in the revitalization of Camden, one of America’s poorest cities, have been falsely and publicly accused of misconduct regarding the tax incentives that lawfully attend such investment and have been denied a fair opportunity to refute those defamatory accusations.”

In the case of Holtec, the company told New Jersey that sites in Ohio, South Carolina and Pennsylvania would cost $5 million to $7 million a year less in rent and labor costs. “In comparison to other states that are successfully wooing manufacturing investment to their territories, New Jersey has high site acquisition and construction costs, high labor cost, relatively high cost of living and high property taxes,” Singh, the CEO, wrote.

But nowhere in Holtec’s 49-page application did the company provide details on the tax incentives from those other states. Emails released by the EDA show that staffers at the agency did, in fact, ask Holtec to supply specifics.

“What evidence can you provide to demonstrate incentive offers of competing states including the abatement of real estate taxes?” staffers Kevin McCullough and Justin Kenyon asked Holtec in April 2014, four months after the company lost its Ohio tax break.

Nick Abraczinskas, Holtec’s vice president of contracts, offered no details though. “The discussions with South Carolina have been focused on tax abatement on the potential facility, which we are not allowed to provide the details of that offer due to confidentiality,” he wrote.

Contacted by WNYC and ProPublica, a spokeswoman for the South Carolina Department of Commerce said there was no record of an application by Holtec for tax incentives there. And a regional development group said that while Holtec was one of several nuclear technology firms looking to locate at a federal site on the Savannah River, talks were preliminary and no offer was made.

In Ohio, state economic development officials said they could neither confirm nor deny the existence of discussions with Holtec at that time, citing state policy prohibiting them from talking about any negotiations with firms over potential tax breaks. But records show that the company ran into trouble with state authorities in late 2013 over previous tax awards there.

The issue involved a Holtec subsidiary called Orrvilon Inc., which had expanded a vacant factory in 2009 after consolidating workers from other Ohio plants. It received tax credits worth about $475,000 for the move because it promised to hire 200 more employees. But those plans collapsed, records show, when demand fell for the high-tech aluminum parts manufactured at the plant.

In December 2013, the Ohio Tax Credit Authority stripped Holtec of its tax breaks on the recommendation of state economic development officials. At the time, records show, Holtec had actually reduced the number of employees there, from 102 to 98.

WNYC and ProPublica reached out to the Pennsylvania Department of Revenue with questions about Holtec’s application for tax incentives in the state, but the information is considered confidential under Pennsylvania’s Right-to-Know Law.

This year, every company that received a New Jersey tax break has been asked to go through recertification.

Pellerin said the EDA has the right to disqualify any firm from getting tax breaks if it provides false information to the state. The task force reported that more than $500 million in incentives have either been voluntarily terminated or may be subject to termination.

This report was produced with support from the McGraw Fellowship for Business Journalism at the Craig Newmark School of Journalism, City University of New York.

ProPublica and WNYC are spending the year investigating the power and influence wielded by party bosses in New Jersey’s political system. If you know something about the state’s controversial tax incentive program, we’d like to hear from you. We’d particularly like to hear from:

  • Past or present state employees who can tell us about the mechanics of the tax break program
  • Past or present employees at companies that received tax breaks since 2013 who can tell us about the application process

If you have something to share with us, here’s how to do it:

  • Via email: njwnyc@propublica.org
  • Via phone call, text. You can also reach us through this number on Signal or WhatsApp, which are more secure: 347-244-2134
  • Here’s more information on ways to send us documents and other materials.

Update, June 26, 2019: This story has been updated to reflect that the EDA announced that it has asked six companies, including Holtec, for additional information.

Filed under:

Get the latest news from ProPublica every afternoon.

FOLLOW PROPUBLICA

STAY INFORMED

Get our investigations delivered to your inbox with the Big Story newsletter.

MOST POPULAR STORIES

  1. How a Top Chicken Company Cut Off Black Farmers, One by One
  2. Trump Keeps Talking About the Last Military Standoff With Iran — Here’s What Really Happened
  3. A Huge Tax Break Went to a Politically Connected Company in New Jersey Despite Red Flags
  4. Who’s More Likely to Be Audited: A Person Making $20,000 — or $400,000?
  5. Sting Catches Another Ransomware Firm — Red Mosquito — Negotiating With “Hackers”

WHAT TO READ NEXT

New Jersey Task Force Examines Tax Breaks for George Norcross Projects

A task force appointed by Democratic Gov. Phil Murphy says it will investigate projects connected to the state’s top political boss.

How Companies and Allies of One Powerful Democrat Got $1.1 Billion in Tax Breaks

Meet George Norcross. Nearly two thirds of $1.6 billion in tax incentives in his hometown of Camden, New Jersey, went to his own company, business partners, political allies and clients of his brother.

Emails Show How Much Pull Political Bosses Had Over State Tax Breaks

State officials scrambled to meet the demands of a lawyer at the firm where Philip Norcross, the brother of New Jersey political boss George E. Norcross III, is managing partner.

The Tax Break Application Had a False Answer. Now the State Has Put the Break on Hold.

After WNYC and ProPublica identified a false answer on nuclear company Holtec International’s New Jersey tax break application, state officials have frozen the break pending further investigation.

LATEST STORIES FROM PROPUBLICA

How a Top Chicken Company Cut Off Black Farmers, One by One

A Huge Tax Break Went to a Politically Connected Company in New Jersey Despite Red Flags

Su padre habla español. Los padres de crianza temporal los criaron hablando eslovaco.

Aggression Detectors: The Unproven, Invasive Surveillance Technology Schools Are Using to Monitor Students

Close this menuClose this menu

Close this overlay (Creative Commons)

Stay informed with the Daily Digest.

SITES

SECTIONS

INFO

POLICIES

FOLLOW

MORE

ProPublica

Journalism in the Public Interest© Copyright 2019 Pro Publica Inc.

Philly Enterprise Software highlights – June 26; Accolade, QLIK, Anexinet

Healthcare tech company Accolade plans to double headcount in Seattle with a new HQ office, reports Seattle tech pub GeekWire.

“We’ve outgrown our Convention Center space and need room to grow — and not arm-wrestle over meeting rooms!” Accolade CEO Raj Singh told GeekWire in an email

Singh gave no indication of changing the ‘co-headquarters’ arrangement existing between its Philly location and Seattle.

Singh, who was one of the winners of EY’s Entrepreneur of the Year award for the Pacific Northwest region last week, gave no direct answer to the question of whether Accolade was looking towards an IPO.

Citing Pitchbook as its source, GeeekWire said the company has raised more than $200 million to date and commands a valuation of around $620 million

QLIK

A story by Bloomberg today detailed how King of Prussia-based Qlik’s acquisition Attunity .(closed in May) left over a terabyte of data, much of it sensitive, open for public viewing on AWS servers . Ford and TDBank data, as well as extensive Attunity internal data, was on the server.

We’ll see how that story plays out, but last month QLIK held its annual QLIK Qonnections user conference in Texas. David Menninger, analyst at Ventana Research (and another Penn grad), said Qonnections emphasized QLIK’s shift to a SaaS-first approach, as well as its Attunity and Podium Data acquisitions. Read and listen to Menninger’s analysis:

https://davidmenninger.ventanaresearch.com/qliks-shift-to-saas-at-qonnections-2019

Now that Tableau has been taken off the market, its financials will be harder to follow, as QLIK’s have been since it was taken private. Although QLIK did disclose that it paid $560 million for Israel-based Attunity.

Though I did like this QLIK vs Tableau product comparison:




Anexinet

Blue Bell-based computer services firm Anexinet was acquired by Mill Point Capital, a relatively new New York middle market buyer. It was acquired from Marlin Equity, a large SaaS & systems PE firm that recapped Anexinet in 2014. Marlin usually hopes to be in a position to find a larger buyer to exit to.

Part of Anexinet’s strategy was to expand its geographic footprint beyond the Philly/mid-Atlantic region and enter new verticals. I’m not sure how far that has progressed. The press release, for what its worth, didn’t say anything to get excited about, and lacked any comment from Marlin.

But I ‘m not drawing any conclusions.

Anexinet Continues Growth Under New Ownership (Press Release)

Anexinet Continues Growth Under New Ownership

Mill Point Capital Accelerates Anexinet’s Momentum in Helping Clients Provide a Complete Digital Experience Email Print Friendly Share June 25, 2019 07:00 ET | Source: Anexinet Corporation

BLUE BELL, Pa., June 25, 2019 (GLOBE NEWSWIRE) — Anexinet, a leading provider of digital business solutions, announced that it has been acquired by Mill Point Capital, a middle-market private equity firm focused on control-oriented investments in North America. The Mill Point team has extensive experience investing in transactions in the technology and business services sectors.

Anexinet’s management team, including CEO Todd Pittman, will continue to lead the company, building on a strong track record of multi-channel application strategy and development, enterprise mobility, and full-lifecycle cloud/hybrid IT infrastructure support. Anexinet is a leading technology consultancy and reseller, helping clients provide a Complete Digital Experience for employees, customers, and end users through transformative digital applications and platforms. For 20 years, Anexinet has delivered intelligent insights, customer engagement and enterprise modernization solutions that drive impactful business outcomes.

Todd Pittman, CEO of Anexinet, commented, “We are thrilled to be partnering with Mill Point given their experience and relationships within the IT solutions industry. I am very proud of what our team has been able to accomplish and look forward to building on the momentum we have created over the past few years.”

Michael Duran, Managing Partner at Mill Point, commented that, “We are very excited to welcome Anexinet to the Mill Point family. Anexinet has grown into a leading specialized reseller in the IT marketplace under the leadership of Todd Pittman and his dedicated and skilled management team. We look forward to working with Todd and his team to further enhance Anexinet’s product and services capabilities.”

About Anexinet Corp. Everyone deserves a great digital experience. Anexinet customers benefit from our holistic approach—from engaging front-end interactions to dependable back-end solutions, all informed by data-driven insights. Because truly great digital experiences rely on the smooth operation of all interconnected elements: beautiful front-end applications, modern distributed architecture, private/public cloud, Dev/Ops and Agile/SAFE processes, and data-driven insights. We call this the Complete Digital Experience. Some companies focus on application design. Others handle your infrastructure. And then there’s Anexinet. For more information, please visit www.anexinet.com.

About Mill Point Capital Mill Point Capital is a middle-market private equity firm focused on control-oriented investments in the business services and industrial sectors. The firm works with Executive Partners to leverage its investment professionals’ experience, while providing strategic and operational guidance designed to drive long-term value creation in its portfolio companies. Mill Point is based in New York, NY. For more information, please visit www.millpoint.com. For more information, contact: Betsey Rogers Public Relations BridgeView Marketing 603-821-0809 betsey@bridgeviewmarketing.com Related Articles More articles issued by Anexinet Corporation More articles related to: Company Announcement Profile Anexinet Corporation Subscribe via RSS Subscribe via ATOM Javascript Blue Bell, Pennsylvania, UNITED STATES Media Files Anexinet logo.png Logo Download Options Anexinet logo.png LOGO URL | Copy the link below http://www.globenewswire.com/attachment-download-view/1873537/610503/4/1/0/610503.png Newswire Distribution Network & Management Home Newsroom RSS Feeds Legal About Us GlobeNewswire is one of the world’s largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public. © 2019 GlobeNewswire, Inc. All Rights Reserved.

LLR Partners-backed Phreesia files for $125 million IPO

Tom Paine

New York-based Phreesia, which uses a tabloid device to collect information from intake patients, eliminating the waste and lost information caused by hated paper forms, filed last week for an IPO pigeonholed at $125 million.

Philadelphia-based LLR Partner led a $30 million PE round in 2014. Phreesia has raised $92.6 million to date.

I’ll give a limited user endorsement because I’ve used the product in real life, not in a lab situation. For me, filling out the usual first-time patient info form is usually a nightmare because my handwriting is not very fine. Phreesia makes the process a breeze, and handles payment also. Since I used it a couple of years back, I believe Phreesia added connectivity, which greatly increases its potential for other applications.

I say a limited endorsement because I know there are competitors out there and I don’t know how they stack up versus Phreesia..

For the Fiscal Years 2018 and 2019, Phreesia revenue was $79.8 million and $99.9 million, against net losses of $18.2 million and  $15.1 million.

LLR has a 23.85% pre-IPO stake.

It’s product is long overdue.

SCTE celebrates 50th anniversary at its Exton office

Tom Paine

The Society of Cable Telecommunications Engineers (SCTE), based in Exton, celebrated its 50th anniversary on Thursday. The SCTE, which calls itself “the largest applied science organization in the cable telecommunications industry “, has had a fulltime office presence in the western Philadelphia suburbs since 1977.

SCTE is an Emmy Award-winning group that develops standards, educational resources and other programs for use by major cable operators worldwide. It has 20,000 members and 126 employees, per LinkedIn.

A simple celebration was held on Thursday at the Exton office, featuring a cake.

EY Announces Winners for the Entrepreneur Of The Year® 2019 Greater Philadelphia Award

EY Announces Winners for the Entrepreneur Of The Year® 2019 Greater Philadelphia Award

EY builds on three decades of honoring unstoppable entrepreneurs in Greater Philadelphia

EY Logo

NEWS PROVIDED BYEY 

Jun 20, 2019, 11:04 ET

SHARE THIS ARTICLE


PHILADELPHIA, June 20, 2019 /PRNewswire/ — EY is pleased to announce the winners of the Entrepreneur Of The Year®Award in Greater Philadelphia. This group of unstoppable entrepreneurial leaders transforming our world was selected by an independent judging panel made up of previous award winners, leading CEOs, investors and other regional business leaders. The winners were unveiled at a special gala on June 19 at Kimmel Center for Performing Arts in Philadelphia.

“There are many successful entrepreneurs in this world, but to build something truly remarkable, you can’t let anything stand in your way,” said Debra von Storch, EY Americas Entrepreneur Of The Year Program Director. “EY is proud to honor the 2019 Entrepreneur Of The Year winners who are inspiring innovation without limitation and fueling growth and prosperity by being truly unstoppable.”

The winners for the Entrepreneur Of The Year 2019 Greater Philadelphia Award include:

Christopher Franklin – Aqua America
Norman Hullinger – Broder Bros., Co.
Thaddeus J. Bartkowski III – Catalyst Outdoor
J.B. Reilly – City Center Investment Corporation
Steve Kelly – ELAP Services 
Stanley Middleman – Freedom Mortgage Corporation 
Gene Schriver – GLOBO
Geoff Gross – Medical Guardian
Jonathan Morgan – Morgan Properties
Richard Mahler – Revolutionary Security LLC
Joseph Mirabile – USSC Group
Dr. Christopher Burns, Dr. Daniel Pevear, Dr. Luigi Xerri – VenatoRx Pharmaceuticals, Inc.

In addition to recognizing the regional award winners, Michael Pearson, Chief Executive Officer of Union Packaging, was presented with the Social award for his lifelong commitment to community stewardship and fostering diversity in business.

Since its founding in 1986, the program has expanded to recognize business leaders in more than 145 cities in more than 60 countries throughout the world. 

Regional award winners are now eligible for consideration for the Entrepreneur Of The Year National Awards.  Award winners in several national categories, as well as the Entrepreneur Of The Year National Overall Award winner, will be announced at the Entrepreneur Of The Year National Awards gala in Palm Springs, California, on November 16, 2019. The awards are the culminating event of the Strategic Growth Forum®, the nation’s most prestigious gathering of high-growth, market-leading companies. The Entrepreneur Of The Year National Overall Award winner then moves on to compete for the EY World Entrepreneur Of The Year™ Award in Monaco in June 2019.  

Sponsors

Founded and produced by Ernst & Young LLP, the Entrepreneur Of The Year Awards are nationally sponsored by SAP America and the Ewing Marion Kauffman Foundation.

In Greater Philadelphia, sponsors also include PNC Bank, Donnelley Financial Solutions, Murray Devine & Company, SolomonEdwards Group, Ballard Spahr LLP, Morgan, Lewis & Bockius LLP, Pepper Hamilton LLP and Simkiss & Block.

About Entrepreneur Of The Year®
Entrepreneur Of The Year®, founded by EY, is the world’s most prestigious business awards program for entrepreneurs. The program makes a difference through the way it encourages entrepreneurial activity among those with potential and recognizes the contribution of people who inspire others with their vision, leadership and achievement. As the first and only truly global awards program of its kind, Entrepreneur Of The Year celebrates those who are building and leading successful, growing and dynamic businesses, recognizing them through regional, national and global awards programs in more than 145 cities in more than 60 countries. ey.com/eoy

About EY’s Growth Markets Network
EY’s worldwide Growth Markets Network is dedicated to serving the changing needs of high-growth companies. For more than 30 years, we’ve helped many of the world’s most dynamic and ambitious companies grow into market leaders. Whether working with international mid-cap companies or early stage, venture-backed businesses, our professionals draw upon their extensive experience, insight and global resources to help your business succeed. For more information, please visit us at ey.com/gm or follow news on Twitter @EY_Growth.

About EY
EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation is available via ey.com/privacy. For more information about our organization, please visit ey.com.

This news release has been issued by Ernst & Young LLP, a member of the global EY organization that provides services to clients in the US.

For more information, please visit ey.com.

SOURCE EY

Related Links

http://www.ey.com

Also from this source

EY announces winners of EY NextWave Global Data Science Challenge …


EY-COST study: sales taxes on business inputs account for 42…

Explore

More news releases in similar topics

You just read:

EY Announces Winners for the Entrepreneur Of The Year® 2019 Greater Philadelphia Award

NEWS PROVIDED BYEY 

Jun 20, 2019, 11:04 ET

SHARE THIS ARTICLE

Copyright © 2019 PR Newswire Association LLC. All Rights Reserved. A Cision company.

We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners. Cookie PolicyAccept CookiesCookie Settings

Introducing Signant Health [Formerly CRF Bracket] and the Industry’s Most Comprehensive Patient-Centric Suite for Clinical Research (Press Release)

New brand focused on essential, patient-centered technology to simplify global drug development


NEWS PROVIDED BYSignant Health 

Jun 10, 2019, 09:00 ET

SHARE THIS ARTICLE


LONDON and PHILADELPHIA, June 10, 2019 /PRNewswire/ — CRF Bracket, formed by the 2018 merger of CRF Health and Bracket, today launched as Signant Health (signanthealth.com). Uniting eCOA, eConsent, Patient Engagement, IRT, Clinical Supplies and Endpoint Quality into the industry’s most comprehensive patient-centric suite, Signant makes it easier to participate in – and sites and study teams to run – clinical trials. This intense focus on the patient experience, deep therapeutic area expertise and global operational scale enable sponsors and CROs to extend the reach of drug development, expand patient opportunities and improve data quality.

“The best technology in clinical research succeeds in the background,” said Mike Nolte, CEO of Signant Health. “We work to be expert, with proven solutions and scientific support that simplify research for patients, sponsors and CROs. I’m humbled to be a part of our customers’ important work, proud of the Signant Health team and excited to continue to innovate along every step of the patient journey.”

Signant Health combines a comprehensive, united suite of proven technologies with expert developers, project managers, data analysts, scientists and clinicians. That team is dedicated to help customers bring life-changing therapies to our families and communities around the world.

“The new Signant brand reflects our desire to help separate signal from noise at the intersection of science and technology and to never forget that our customers’ significant work matters locally and globally,” added Nolte. “In 2018, CRF Health and Bracket brought together industry-leading technology and analytics solutions, renowned executive and scientific leaders, and 20 years of experience delivering exemplary service to life science companies worldwide. The birth of Signant Health marks the next phase in our journey and unlocks extraordinary opportunities to improve the patient’s journey as well.”

As part of the name change, the company will launch its new identity online from 10 June 2019. The Signant Health experience will be fully rolled out publicly at DIA’s Global Annual Meeting (DIA 2019).

To learn more about Signant Health’s solutions for eCOA, eConsent, Patient Engagement, IRT, Clinical Supply Management, and Endpoint Quality scientific and data support services, visit signanthealth.com

About Signant Health

The best technology succeeds in the background. Signant Health provides solutions that simplify every step of the patient journey to make it easier for people to participate in, and for sites and study teams to run, clinical trials. Signant unites eCOA, eConsent, Patient Engagement, IRT, Clinical Supplies and Endpoint Quality into the industry’s most comprehensive patient-centric suite – an evolution built on more than 20 years of proven clinical research technology. Our intense focus on the patient experience, deep therapeutic area expertise and global operational scale enable hundreds of sponsors and CROs (including all Top 20 pharma) to extend the reach of drug development, expand patient opportunities and improve data quality – helping them bring life-changing therapies to our families and communities around the world. Take a significant step toward patient-centricity at signanthealth.com.

CRF Health and Bracket are now Signant Health.

Contact: media@signanthealth.com


NEWS PROVIDED BYSignant Health 

Jun 10, 2019, 09:00 ET

SHARE THIS ARTICLE

Copyright © 2019 PR Newswire Association LLC. All Rights Reserved. A Cision company.

We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners. Cookie PolicyAccept CookiesCookie Settings

PhillyTech People News 6/20

USA Technologies, Inc. Appoints Matthew W. McConnell as Chief Operating Officer https://t.co/d1G1DCee3k via @YahooFinanceJune 21, 2019

✨Some personal news⚡️

SO excited to share I am joining the @FirstRound team!!! 🎉

As a native Bay Arean, I’ve been a fan for years. 🥰 I’ll be working on special projects that focus on how we activate investors, founders, and operators in a thoughtful + highly impactful way.— Girl Alex (@grlalx) May 13, 2019

SocketLabs Names New Chief Revenue Officer to Drive Next Wave of Growth in Email Delivery Market | Business Wire https://t.co/a71n91NOHNJune 21, 2019

Jefferson College of Population Health names first entrepreneur-in-residence https://t.co/9OsC3ap0fT via @PHLBizJournal
June 13, 2019

Comcast Gatekeeper Gaiski Exiting https://t.co/JQccMdHiwE #nichepubs #feedly
June 13, 2019

Walmart eliminates Jet president role as it further integrates e-commerce business https://t.co/kVs9EcAUESJune 21, 2019

Walmart appoints new head for its startup incubator Store No. 8 https://t.co/5v1XyPehcaJune 21, 2019

Ben Franklin NEP Promotes Wayne Barz to Chief Investment Officer (Press Release) http://bit.ly/2HWRorc 

Vawdrey takes helm as CDIO at Geisinger Health System https://t.co/fwSNnuA0sb— Tom Paine (@phillytechnews) June 21, 2019

SDI Welcomes Kelley Ferguson to Business Development Team https://t.co/QYQ7I1pkxC via @PRWeb— Tom Paine (@phillytechnews) June 22, 2019

Clinical Trial data leader Medidata, with Conshy office, to be acquired by Dassault for $5.8 billion

It really flies

Tom Paine

Medidata, which calls itself a Unified Life Science Platform, agreed yesterday to be acquired by French technology company Dassault for $5.8 billion in cash, 2% less than its closing price the preceding Friday.

New York-based Medidata, founded in 1999 and specializing in data and processes related to clinical trials, has an office in Conshohocken dating from an acquisition with some 100 employees, per LinkedIn. There is stepped up competition as larger participants enter the market. Medidata revenue increased 17% last year to $635.7 million while it reported net income of $51.9 million.

Other larger entrants in the market include Oracle, Veeva Systems, CRF Bracket (just renamed Signant Health), BioClinica, and IQVIA , the result of the merger between IMS Health and Quintiles.

Dassault had revenue of $3.5 billion euros in 2018. It acquired Quintiq, a supply chain software provider based in Radnor and the Netherlands, for $336 milion in 2014. Rumors about Dassault’s interest in Medidata date back to at least April.

..