Keeping with my promise to keep you, our clients and partners, informed about our proposed acquisition by IQVIA, I write today to share a final update about our deal and to offer a few words about the future of our company.
As I shared with you last July, DeepIntent entered into an agreement to be acquired by IQVIA in late 2022. We did so because we believed that the combination of our companies would significantly advance our shared mission to better connect patients and healthcare providers with the information they need to make informed decisions about new treatments and trials. We also believed that we could accelerate innovation in our industry while broadening the opportunities our team had to advance their careers. These beliefs remain unchanged today.
After several months of working through an arduous regulatory review process, and many more months on the Federal Trade Commission’s legal challenge to this acquisition, our teams were notified that a judge granted the FTC’s request for a preliminary injunction on December 29th. This ruling was not a final decision on the merits of the FTC’s position that our acquisition would reduce competition; however, it now clears the road ahead for an administrative court trial that would require significantly more time, energy and resources from our teams.
Due to this, and after carefully weighing our options, DeepIntent and IQVIA have mutually agreed to abandon the proposed merger.
As you can imagine, this was an incredibly difficult moment for our team, and it was a moment filled with emotion. We faced a seemingly impossible decision of having to choose whether to continue investing our time and energy into what we unconditionally believe is a pro-competitive merger, or investing our precious, finite resources into building our business and better serving our clients.
We believe focusing on our clients is the best path forward. As such, we will focus on delivering our next-generation products and services to our clients.
Moving forward
Given this decision, it is critical that our clients and partners have clarity about what they can expect from DeepIntent. Similar to before, I know our clients and partners will have many questions. I’ll answer the most important ones below, and know that we are excited to get out into the market to answer any additional questions you may have and discuss how we continue to partner in the future. Our team, as always, remains available to answer any questions you may have – we are always just a call, a text or an email away.
Q: Will there be any impact to DeepIntent’s clients and partners?
No, we will not change how we work with our clients and partners. During this nearly two-year process, our team remained committed to growing our partnerships and delivering high-quality service to our clients. We are excited to explore new ways to serve and partner with you to innovate in 2024 and beyond.
Q: Will DeepIntent or its products or solutions be affected by this decision?
No, neither our company nor our products will be impacted by this decision. We plan to continue accelerating our investment into building new solutions with a plurality of clients and partners, including IQVIA.
Q: Will IQVIA data remain available on DeepIntent’s platform?
Yes, IQVIA remains a strategic partner of DeepIntent. IQVIA data will remain available on DeepIntent’s platform and there will be no disruptions to your campaigns now or in the future.
The future is brighter than ever, and full of possibility.
Our team at DeepIntent has so much to be proud of and our value proposition to clients and partners has never been stronger. While we are disappointed in the Court’s ruling, I’ve never had more confidence in the future of our business and the team we’ve built to guide it.
The ability to overcome adversity is the hallmark of a great company and DeepIntent demonstrated incredible grit and perseverance over the last year. We continued to post record growth and ship award-winning products, partnerships, and technologies to market, all while being recognized as one of the best places to build a career. Of the many lessons I’ve personally learned during this process, a deep appreciation for the resilience of our team stands alone as the most important.
To conclude, I am deeply grateful for the unwavering support from our clients and partners through this process, especially as we focus on and build for success that will drive us deep into the future. With a fresh new year ahead of us, I look forward to competing for your business and your partnership while continuing our relentless pursuit of improving patient outcomes.
Many thanks to everyone, and most of all, the entire DeepIntent team. Our best is yet to come.
-Chris Paquette, Founder and CEO of DeepIntent
