Company Fact Sheet

Market Description

SOLABS addresses the needs of Life Sciences organizations such as Pharmaceutical, Medical Device and Biotechnology companies. SOLABS’ target is mid-size companies with local and/ or global operations. The market potential in automation of quality operations exceeds $500M globally. 

Clients and Operational Model

SOLABS is a niche player who holds a leadership position in its targeted market. The company maintains close relationships with its renowned client base.

The company operates as a ‘software as a service’ firm and offers a 100% cloud-based solution for operating SOLABS QM. SOLABS has a renewal record of 97% and continuous market growth since 2006.

Differentiators

• SOLABS is a niche player strictly addressing the needs of Life Sciences Companies.
• The SOLABS QM APPs model is unique in the industry.
• SOLABS QM10 is sold with a unique pricing model allowing companies to expand its use across the organization while maintaining a low TCO and high ROI over time.
• SOLABS QM10 is the only EQMS to include out-of-the-box capabilities covering all quality processes.
• SOLABS offers a total solution: product, services, hosting and support.
• SOLABS QM10 does not require any software development or excessive maintenance from clients.

The Team

SOLABS is part of a group of companies, including Skillpad, and has a total of 50 employees located in Canada, US, UK and Ireland. Most employees have direct experience in the Life Sciences industry in Quality Assurance, Project Management, and/or Computer System Validation. The R&D team includes qualified individuals who have been with the company for 5 to 15 years.

Financials and Long-Term Support

The company generates above 95% of its revenues from both Annual Fees for the use of SOLABS QM10 and Professional Services in regard to SOLABS QM10 implementation and ongoing expansion projects. The company has seen steady growth in its annual fee revenues since 2006. This growth is a result of an increased number of users by current clients, as well as with new clients being won every year. Although the company has continuously attracted new clients over the years, it has maintained a 97%+ renewal rate for the use of its SOLABS QM10 product.

The company completed a major R&D initiative in 2014, the release SOLABS QM10. SOLABS QM10 has been designed with the goal of providing a solid platform for clients to rely on for the next 15 years. Continuous improvement remains at the heart of the company’s core values and SOLABS QM will continue its evolution in line with clients’ expectations.

SOLABS is part of a group of companies owned by Barry Boyle, a successful entrepreneur who built and sold large companies operating in the world of engineering (Walsh Group), software (Forensic Technology WAI Inc & SOLABS) and e-learning (SkillPad).