WILMINGTON, Del.-- LabWare Holdings today announced it has signed a definitive agreement to acquire CompassRed, a visionary company in machine learning and predictive analytics. The acquisition of CompassRed will create a new dedicated advanced data analytics arm in LabWare®, embedding the CompassRed solution into the core LabWare platform, and providing services that will further elevate LabWare’s position as the global leader in the Laboratory Information Management market.
Data Analytics Innovations Center
CompassRed will provide LabWare’s core data analytics platform as well as a services team to deliver new value and innovative solutions to market segments that both companies serve today. When combined with LabWare’s LIMS platform, the new Data Analytics Innovations Center will automate the analysis of data to address a range of important challenges. The Center will address these challenges by utilizing their advanced expertise in artificial intelligence and machine learning technology to automatically and continuously study data, discover patterns, build predictive models and create analytics solutions.
The ability to provide these new innovative solutions, utilizing advanced predictive analytics as a part of a complete lab automation solution will have significant value and benefits for our clients, enabling them to be on the forefront of the rapidly evolving field of advanced data analytics. Companies today have an overwhelming need to understand and gain insights from massive amounts of data that they collect. To meet this demand, CompassRed, as LabWare’s Data Analytics Innovation team, will help customers explore and operationalize the analysis, visualization and contextualization of their data sets. CompassRed’s team will establish the base for these innovations while continuing to develop and expand its existing client roster.
“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.”
CompassRed, as LabWare’s Data Analytics Innovation team, will be one of the cornerstones of LabWare’s strategy going forward. Together, they will continue to deliver services and software solutions to provide LabWare’s and CompassRed ‘s existing and future customers with a wide range of products and services to maximize business value across multiple markets.
"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.”
About LabWare Inc.
LabWare is recognized as the global leader of Laboratory Information Management Systems (LIMS) and instrument integration software products. The company’s Enterprise Laboratory Platform combines the award-winning LabWare LIMS™ and LabWare ELN™, which enables its clients to optimize compliance, improve quality, increase productivity, and reduce costs. LabWare is a full-service informatics provider offering software, professional implementation and validation services, training, and world-class technical support to ensure customers get the maximum value from their LabWare products.
Founded in 1978, the company is headquartered in Wilmington, Delaware with offices throughout the world to support customer installations in over 125 countries.
About CompassRed Inc.
CompassRed is an award-winning data and artificial intelligence company with teams in Wilmington, DE and Philadelphia PA. They have a depth and experience across multiple industries, covering a wide range of solutions and domains. Their data scientists and analysts are fluent in a wide range of technologies, machine learning, AI, and many forms of visual data storytelling. CompassRed prides itself on offering their clients a combination of fast and flexible innovation with world-class data know-how. CompassRed has been included in INC 5000’s fastest growing companies in the United States two years in a row.
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