Since coming on as CEO of Phase Forward (NASDAQ:PFWD) in 2002, Bob Weiler has revamped the company's software offerings, taken it public, and made some key acquisitions. It hasn't been easy, but the company is finally getting traction.

Phase Forward develops software to manage clinical trials. As a testament to its technology, the company has customers like MedImmune, GlaxoSmithKline (NYSE:GSK), and Merck (NYSE:MRK).

According to its fiscal second-quarter earnings report, Phase Forward posted a 28% spike in revenues to $31.5 million. On the conference call, Weiler mentioned that his company won a multi-million dollar contract with a top 10 pharmaceutical company.

Fiscal Q2 net income was $4.3 million, or $0.11 per share, which compares to a gain of $1.9 million, or $0.05 per share in the same period a year ago. Cash flow from operations was about $11.2 million.

A key part of Phase Forward's strategy has been to form alliances with Contract Research Organizations (CROs), which set up and manage clinical trials. In Q2, the company expanded its deals with firms like ICON and PharmaLink. There were also new alliances with Averion International and Symbios Clinical.

Phase Forward also recently had a secondary offering, raising $89.1 million. With $179.4 million in the bank, the company can further expand its technologies, infrastructure and even pursue acquisitions. Keep in mind that the last major acquisition was in 2005.

Based on its full-year guidance of $129-$131 million in revenues, Phase Forward is trading at about 3.3 times enterprise value. That's fairly reasonable in light of the company's growth rate, major customer base, and dominant position in its space. And as the pharma industry continues to adopt technologies to streamline the clinical trial process, Phase Forward should likewise keep moving forward.

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Fool contributor Tom Taulli, author of The Complete M&A Handbook, does not own shares mentioned in this article. GlaxoSmithKline is one of our Income Investor picks.