Clinverse, Inc. Announces Strategic Alliance with Aggregate Spend Solutions, LLC

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Integrated Solution to be the Platform for Collection of Investigator Spend Required by Federally Mandated Sunshine Act Requirement

Clinverse, Inc., a global technology and financial services company for clinical trials, announced today it has formed a strategic alliance with Aggregate Spend Solutions, LLC. Clinverse’s ClinPay® FLS eClinical commerce platform aggregates data collected through an automated investigator payment process. SpendMD™, Aggregate Spend Solutions’ recently-launched flagship product, is the only complete solution for tracking and reporting transfer of value at investigator meetings or any meeting where healthcare providers (HCPs) receive varying types of compensation from sponsors in exchange for their involvement. Together, the combined solution provides a “one-stop-shop” for the collection of data required by the Sunshine Act, also known as the Physician Payment Sunshine Act (PPSA).

“We are pleased to announce this strategic partnership with SpendMD. Not only are we able to provide our clients with the ability to collect investigator payment data currently generated by ClinPay FLS, but we are now able to automate the acquisition of investigator payment data collected during investigator meetings and other sponsor-related events,” said Steve Ayala, Clinverse President and head of partnerships. “We know that compliance with the Sunshine Act requirements have been, and continue to be, a significant concern for our clients and the industry as a whole. We are investing our resources, time and expertise to develop integrated solutions to address these concerns through the automation of the data collection and reporting process required by CMS.”

ClinPay FLS’ open application programming interface (API) allows for seamless integration with SpendMD, as well as other clinical trial platforms (e.g., EDS, CTMS, and IxRS applications), meeting planning software, or any other electronic systems used to accurately report various direct or indirect payments made to HCPs as required by the new legislation. With the Sunshine Act now requiring the collection of data beginning August 1, 2013, the timing of this partnership benefits clinical trial sponsors looking to gain compliance and provide a comprehensive, automated solution for tracking total investigator spend, both direct and indirect, while alleviating a time-intensive burden from sponsors.

John Lewis, CEO of Aggregate Spend Solutions, stated, “We understand the complexities unique to transfer of value spend capture – working with multiple vendors, meeting-related expenses, and other issues. Our partnership with Clinverse allows us to provide our clients with our expertise and proven technology, while also providing them access to a centralized and scalable aggregate spend solution anchored by Clinverse’s proven investigator payment platform. We look forward to working with Clinverse and continuing to provide our clients with all of the services and technology required to meet the Sunshine Act reporting requirements that are looming.”

About Aggregate Spend Solutions, LLC

Aggregate Spend Solutions, LLC was formed as a result of the new and stringent reporting requirements of the Physicians Payment Sunshine Act. SpendMD™, sunshine tracking and reporting is the organization’s key software product that provides the Health and Life Science Industries with the only complete solution for tracking and reporting “indirect spend” for HCP Meetings. Based in Raleigh, North Carolina with global development centers, Aggregate Spend Solutions is a key leader in the design, development, implementation and support of data aggregation products and services. For more information, please visit http://www.spendmd.com.

About Clinverse, Inc.

Clinverse, Inc. is a global technology and financial services company that delivers highly secure, cloud-based financial management and payment solutions for the clinical trials industry. Founded in 2008 and headquartered in Raleigh, NC, the company delivers clinical financial solutions through the only truly collaborative and transparent financial management and payment platform. Used by leading BioPharma companies, Clinverse has developed ClinPay® FLS, a fully-configurable, game-changing SaaS-based platform which manages tens of millions of dollars in financial transactions for thousands of Global sites while supporting payments in 140 different currencies. For more information, please visit http://www.clinverse.com.

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