Battery Ventures, a global, technology-focused investment firm, recently completed the acquisitions of Apricot Designs (“Apricot”) and BioMicroLab (“BML”), integrating the two companies into its sample-preparation platform company SPT Labtech. Terms of the transactions were not disclosed. Representing the third and fourth acquisitions in the SPT Labtech platform, the group has more than tripled in scale since Battery’s initial investment in September 2018 driven by both organic growth and inorganic additions.
Apricot and BML both develop and manufacture laboratory-automation solutions for the life-sciences industry. Their respective liquid-handling and sample-handling and tracking products further strengthen SPT Labtech’s existing automated-instrumentation capabilities across a range of research applications. Both companies are headquartered in California.
In collaboration with SPT Labtech, Apricot and BML will continue to maximize scientific productivity through laboratory automation while benefiting from extended product capabilities, geographic reach and infrastructure through synergistic relationships with SPT Labtech.
Patrick Bennett, Group CEO at SPT Labtech, said: “We are delighted to have completed these two important acquisitions and warmly welcome Apricot and BML to SPT Labtech. By bringing together an increasingly powerful combination of technologies and application know-how, we are advancing our mission of accelerating life science research and enabling our customers’ success.”
Since acquiring SPT Labtech in 2018, Battery’s investment team has executed an ambitious growth plan combining R&D investment with strategic acquisitions. “Both Apricot and BML have strong reputations and track records of success in their fields. They also contribute a significant presence in the USA and Asia that will help SPT Labtech enhance its global footprint and deepen customer relationships in these regions,” said Jesse Feldman, general partner at Battery Ventures. “These deals represent a new milestone as we aim to build an industry leader in the sample preparation and sample management market,” added Justin Rosner, vice president at Battery Ventures.
Battery is continuing to expand its investment activity in the industrial-technology markets and has completed more than 50 industrial-related transactions across the US and Europe since 2003.
Battery partners with exceptional founders and management teams developing category-defining businesses in markets including software and services, enterprise infrastructure, online marketplaces, healthcare IT and industrial technology. Founded in 1983, the firm backs companies at all stages, ranging from seed and early to growth and buyout, and invests globally from six strategic locations: Boston; San Francisco and Menlo Park, Calif.; Herzliya, Israel; London; and New York. Follow the firm on Twitter @BatteryVentures, visit our website at www.battery.com and find a full list of Battery’s portfolio companies here.
About SPT Labtech
SPT Labtech makes products that transform the way scientists work. For nearly two decades, our expert scientists, engineers and business innovators have created innovative solutions for liquid handling, sample preparation and management that help accelerate research and make a real difference to human health. We work collaboratively with our customers, building trusted relationships that enable us to deliver exceptional, personalized experiences designed for real world challenges in the lab. For more information, please visit https://www.sptlabtech.com/.
About Apricot Designs
Apricot Designs creates and manufactures multichannel micro-volume pipettors, disposable pipette tips, solid-phase extraction, and sample preparation devices. For 30 years, the company has provided accurate, precise, and affordable liquid handling technology and laboratory automation solutions to life sciences customers worldwide. For more information, please visit https://www.apricotdesigns.com/.
BioMicroLab offers an extensive portfolio of robotic systems to empower research productivity including tube labelling, volume inspection, test tube sorting and barcode decoding systems. The company designs and manufactures its products from its headquarters in Northern California. For more information, please visit https://biomicrolab.com/.