The fresh funding comes as drug- and device-makers face ongoing manufacturing hiccups and supply-chain snafus.
. Its annual recurring revenue, or ARR—a metric preferred by software companies that operate on a subscription basis—is more than $100 million. Its yearly revenue for accounting purposes is expected to be between $120 million and $140 million for 2022.
Beckstrand, 54, who is both a lawyer and an accountant, first joined the company as a board member after his father, Richard Beckstrand, a long-time entrepreneur and private investor, invested in 1998 in what was then a small business. In 2002, after the elder Beckstrand bought out other shareholders, Jon Beckstrand became CEO. “I was going to come in to be the CEO until we found someone else, and it ended up being not temporary,” he says.
After the FDA started allowing life-sciences firms to use electronic records, MasterControl shifted its focus to that industry. The pandemic highlighted the problems that life-sciences and medical device firms faced with their continued reliance on paper, says Sixth Street managing director Nari Ansari. Between supply-chain bottlenecks and quality problems, he says, “it’s really shown a light on where there are deficiencies.” He figures that the total addressable market globally for MasterControl’s existing software products tops $10 billion.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
First Outside Investment In 30 Years Makes Life Sciences Software Firm A UnicornSalt Lake City-based MasterControl built its business under the radar for decades. Now the company is worth $1.3 billion.
Leer más »
First Outside Investment In 30 Years Makes Life Sciences Software Firm A UnicornSalt Lake City-based MasterControl built its business under the radar for decades. Now the company is worth $1.3 billion.
Leer más »
65’s first trailer leaves Adam Driver stuck millions of years in the prehistoric pastPrehistoric nature is healing and trying to kill Adam Driver in 65’s first trailer.
Leer más »
There Were 15 Million Excess Deaths Worldwide in First 2 Years of Pandemic, WHO EstimatesThe official tally of reported covid-19 deaths is a vast undercount of the pandemic's carnage, a new study finds.
Leer más »
Adam Silver Wants NBA's First Female Head Coaching Hire In Next 5 YearsNBA commissioner Adam Silver says the league is long overdue for a female head coach.
Leer más »
Imperial Beach's first Latina mayor promises to 'bring the fun back' after COVID yearsCarol Seabury and Mitchell McKay take their oaths of office for City Council Districts 1 and 3, respectively
Leer más »