LabWare Holdings to Acquire Data Analytics Company CompassRed – Establishing LabWare Data Analytics Innovations Center
LabWare Holdings, the recognized worldwide leader in the Laboratory Information Management industry, announced it has signed a definitive agreement to acquire CompassRed, a visionary data analytics company named to Inc. magazine’s fastest growing companies list for the past two consecutive years. The acquisition will result in a dedicated LabWare Data Analytics Innovation Center to be deployed to LabWare’s worldwide customer base.
CompassRed will deliver groundbreaking data solutions to both companies’ current market segments. When combined with LabWare’s LIMS platform, this new center will automate data for a range of important challenges by utilizing their advanced expertise in AI and machine learning technology to discover patterns, build predictive models and create analytics solutions.
The ability to provide these new solutions will significantly enable existing and future clients to be on the forefront of the rapidly evolving advanced data analytics field. CompassRed, as LabWare’s Data Analytics Innovation team, will help companies operationalize analysis, visualization and contextualization of their data sets by establishing the base for these innovations.
“As the global leader for LIMS and ELN, our business strategy has been centered on helping companies transform, automate, and service the modern-day laboratory,” said Vance Kershner, President and CEO, LabWare. “Data creates value, but that value is magnified dramatically when companies use new innovative practices and technology to process that data into forms of actionable knowledge that transform the way they do business. With this acquisition, LabWare will establish and possess a proven advanced data analytics innovation center that will allow us to accelerate how we help our customers capitalize on the explosive growth potential provided by this rich new resource.”
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CompassRed will maintain its client base and employee population as part of LabWare’s Data Analytics Innovation team and will become one of LabWare’s strategic cornerstones moving forward. Together they will continue to deliver a wide range of products, services and software solutions to maximize business value.
“We share LabWare’s vision for the need to innovate how data is captured, analyzed, understood and acted upon in order to help organizations drive more impactful strategy,” said Patrick Callahan, CEO, CompassRed. “We believe in their mission and look forward to being part of the LabWare family to service all industries and customers of both LabWare and CompassRed. We are beyond excited to attach our innovative offerings to a massively successful global company to scale what we’ve built to date.
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