Qumas Picks Up Funding From AccentureQumas Picks Up Funding From Accenture

Accenture Technology Ventures' timing could hardly be better. It's investing $6 million in compliance-management-systems maker Qumas Ltd. just as companies prepare to spend millions of dollars to bring their E-business systems in compliance with U.S. Food and Drug Administration regulations.

Qumas makes compliance-management software for pharmaceutical, biotechnology, medical-device, and contract-research companies--essentially, any company that's affected by FDA regulations. Qumas' products are layers of database- and document-management software that help companies electronically submit new-drug applications to the FDA. The FDA has established rules to ensure the security and validity of electronic documents and signatures.

Accenture Technology's money brings to $9 million the amount of funding Qumas has raised since 1996. With its 20% stake in the firm, Accenture Technology's parent, the consulting firm Accenture, will implement Qumas technology, although not exclusively. Qumas says it plans to use the funding to expand product development, sales, and marketing worldwide. The funding will also go toward the development of Web-based compliance software. One such system, scheduled for availability by the end of the year, would help companies meet the FDA's regulations for corrective and preventative actions for manufacturers. The FDA has specific procedures that companies must follow to take corrective actions.

This is Accenture Technology's second large commitment since the venture firm launched a $1.67 billion partial initial public offering last month. On July 23, Accenture Technology took a 4% equity stake in information-integration-software developer Kalido Ltd., a wholly owned subsidiary of the Royal Dutch/Shell Group that was spun off in February to market and sell data warehousing applications developed for internal use.