On Friday oracle said that it would acquire Phase Forward for $685 million. It is a healthcare and life science software provider. It has also been seen that Oracle is strongly focused on the vertical specific applications.

The company has an Integrated Clinical Research Suite which looks after the drug submission development and safety procedures from trial to compliance to the Food and Drug Administration.

$17 per share were paid by Oracle for Phase Forward, which closed on Thursday at $13.08 a share. 30% of the premium was paid by Oracle for Phase Forward. Sturdy growth has also been seen by Phase Forward. The revenue that was delivered by Phase Forward in 2009 was $213.3 million, 25% more than 2008.

"The life sciences and health care industries are converging as they seek to control costs while accelerating patient-centered innovation. Phase Forward brings outstanding products and employees with significant expertise to Oracle that will help enable the delivery of personalized medicine and value-based health care", Neil de Crescenzo, Senior Vice President and General Manager of Oracle Health Sciences, expressed in a statement on April 16.