Southborough science software firm Arxspan acquired by $6B firm
Southborough cloud-based scientific software firm Arxspan has been acquired by the publicly traded scientific equipment firm Bruker Corp., based in Billerica.
Arxspan has been known for its line of cloud-based products to manage research data under the Arxlab brand, primarily for pharmaceutical and biopharma customers.
Financial details of the transaction are not being disclosed.
The acquisition of Arxlab gives Bruker Corp. a broader range of software tools for customers in the chemistry, pharmaceutical, biopharma and analytical laboratory markets.
Bruker Corp. intents to couple the acquisition of Arxspan with a previous acquisition of Mesterlab, based in Spain, to expand its cloud-based offerings.
In a statement, Arxspan Co-founder and CEO Peter Rosati said the merger will increase the company’s footprint and help the company grow its global customer base.
“We are focused on showing immediate benefits of the merger to our pharma and biopharma customers,” Rosati said. “Arxspan's proven enterprise SaaS platform will be a solid foundation for Bruker's chemistry and biology informatics offerings."
According to Bruker’s financial reporting, the company had nearly $1.9 billion in revenue in 2018 and $178 million in profit.
As of Thursday afternoon, the company's market cap was just shy of $6 billion.
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