A Coventry company which develops pioneering software for research into diseases including cancer, malaria and Alzheimer’s disease has been bought by a billion dollar US firm.
Improvision, based at the University of Warwick Science Park, is a specialist in the bio-medical field and has been acquired by US technology giant PerkinElmer Inc. in a deal handled by Midlands law firm Wright Hassall, based in Leamington Spa.
Improvision’s flagship product is used to analyse the 3D structure of a cell and its function to help increase understanding of cellular processes and diseases such as Cystic Fibrosis and cancer.
The company was founded in 1990 by Andrew Waterfall and Ken Salisbury who met when they both worked for a company selling imaging systems.
Improvision now has a turnover of more than £6 million with customers around the world and employs around 40 research, development and sales staff.
CEO ofImprovision Andrew Waterfall said: “The deal came about because we had worked with PerkinElmer for a number of years and it became clear to both parties that there were considerable market and commercial benefits in combining the businesses.
“This is a very exciting time for the company and I believe it will both increase the opportunities for everyone at Improvision and be of long term benefit for our customers.
“It is clear that PerkinElmer intends to invest in the company and continue to pioneer new solutions and as a large international organisation it will be in a great position to take the business forward.”
“While Improvision operates in a global market, it is satisfying that we were able to call upon a local company to conclude this deal.”
Mark Lewis, a partner at Wright Hassall said: “After working with the company for a number of years we have seen the business grow dramatically to the stage where Improvision is now acknowledged as a global force in its area.
“After the shareholders were approached by PerkinElmer we were able to ensure a quick completion, processing the large amount of material these types of transaction generate.”
