French tech giant Dassault is nearing deal to buy health software company Medidata

Bernard Charles, chief executive officer of Dassault Systemes SA.Simon Dawson | Bloomberg | Getty ImagesFrench technology company Dassault Systèmes is nearing a deal to acquire Medidata Solutions, according to people familiar with the matter.The likely agreement was reported earlier by Bloomberg, which also published a story in April saying the companies were in talks. Neither company responded to CNBC’s request for comment.Medidata’s software is used to help clinics manage their back office operations and their data, and it provides analytics tools so they can make sense of massive amounts of information. Medical device companies also use it to track the process of their clinical trials.The company, which competes with health software from vendors like IBM, Oracle and Veeva, was founded in 1999 and went public ten years later. Revenue increased 17% last year to $635.7 million and the company reported net income of $51.9 million. It currently has a market value of $5.9 billion, and the stock has climbed 17% in the past year. It gained an additional 6.1% after the Bloomberg report.Dassault The expected deal comes as the M&A market picks up for fast-growth software companies. Google acquired data analytics company Looker last week for $2.6 billion, and Salesforce followed on Monday with its biggest deal ever — the $15.3 billion purchase of Tableau Software.— Ari Levy contributed to this report

Source: CNBC

Related posts