SHYFT Analytics to be acquired by New York company
Waltham, Massachusetts-based SHYFT Analytics has agreed to be acquired by New York technology company Medidata. The deal is valued at $195 million, and Medidata says it will help to increase its growth in Massachusetts.
SHYFT is a private company that manages data for pharmaceutical, biotech, and medical device companies. Medidata is a publicly traded firm that aids in drug development and clinical trials performed by other companies. The acquisition deal was approved unanimously by the boards of both companies and the stockholders of SHYFT, and it is expected to close by the end of June 2018.
SHYFT founder and CEO Zack King says that not only does the company plan to retain its entire 150-person work force, but it also plans to expand by at least 30 percent this year.
Although SHYFT has offices in New York and San Francisco, most of the company’s employees work in the Waltham office.
Read the article, and other tech and business briefs, in the Boston Globe.