Listed IT solutions business Instem has acquired a software firm in a multi-million pound deal.
The Stone-based company has bought discovery software solutions provider The Edge for £8.5m.
Instem, which is a leading provider of IT solutions and services to the global life sciences market, has acquired the business as part of its mission to enable clients to bring their life-enhancing products to market faster.
The Edge, which is headquartered in Guildford, has an established client base across the pharmaceutical, biotechnology, biopharmaceutical and animal health sectors.
It provides technology and services aimed at improving the efficiency of drug discovery research and development (R&D) - improving client productivity and ensuring data is captured, stored and shared.
It effectively helps to bridge the gap between research and IT, translating the needs of scientists into terms that technology professionals can understand and deliver.
As part of the acquisition, The Edge will be integrated into Instem's study management and business unit, broadening Instem's client reach and enhancing its offering.
Phil Reason, CEO of Instem, said: "We are delighted to have continued our acquisition strategy with such a strong addition to our portfolio. The Edge has an excellent reputation with its clients and we believe their suite of products, and scientific and technology know-how will further enhance our industry reach and standing.
"We are particularly pleased to extend our coverage in Bioanalytical / Drug Metabolism and Pharmacokinetics, both of which are hugely important across other phases of R&D that Instem targets.
"Additionally, we continue to evaluate a number of potential acquisition opportunities and are well placed to build on this very exciting addition in due course. With our core focus on enhancing margins, growing revenue stream visibility, and strengthening opportunities within existing and new client bases, The Edge is the ideal way for us to advance our broader acquisition strategy."
Andrew Lemon, managing director at The Edge, added: "We are very pleased to have joined the wider Instem family. Harnessing the global resources, processes and reach of Instem will give us exactly what we need to take the next step in our journey to bring our innovative solutions to more scientists around the world.
"Combining our story with a well-established and proven life sciences leader like Instem further validates our entire approach in the market and offers new and exciting opportunities for our clients and staff."
