LabVantage

LabVantage Solutions, Inc. is a laboratory information management system (LIMS) provider based in Somerset, New Jersey. Founded in 1981,[1] LabVantage is the third largest LIMS provider in the world.[2]

LabVantage Solutions, Inc.
PredecessorLaboratory MicroSystems
Founded1981 (1981) in Troy, New York
Founders
  • Mark Chudzickin
  • Michael Boskin
HeadquartersSomerset, New Jersey
Key people
  • John Heiser (CEO)
ParentThe Chatterjee Group
Websitewww.labvantage.com

Laboratory MicroSystems was founded by Mark Chudzicki and Michael Boskin in 1981.[3] Chudzicki started the company when he was attending graduate school at Rensselaer Polytechnic Institute.[4] The company began making money several years after it was founded but needed a $100,000 loan from New York state's Corporation for Innovation Development.[4][5] Laboratory MicroSystems received financing from 100 Capital District shareholders in 1985.[6] The company in 1986 was based in Hendrik Hudson Hotel, a downtown Troy hotel that was refurbished into an office building, employed 15 people, and had annual sales of $1 million.[4]

It was named to the Inc. 500 in 1987 after a 532% increase in sales in its first five years in business.[7] The company in 1988 primarily served Fortune 500 companies including General Electric, Dow Corning, Pennzoil, DuPont, Monsanto, and Exxon.[6] It set up software that cost between $10,000 and $70,000 in 1990.[8] Chudzicki and Boskin in 1990 sold the company, which had 12 employees at the time, to Instron.[3] The offer was for about $2.5 million, half to be paid in Instron stock and half to be paid in cash.[8] The acquisition was finalized at $2.42 million to be distributed among Laboratory MicroSystems' 100 shareholders.[9]

In 1997, Instron sold Laboratory MicroSystems to Axiom Systems, a subsidiary of Purnendu Chatterjee's The Chatterjee Group, which renamed the company to LabVantage.[3][10]

In 2005, about half of the company's employees work in India, while 60 employees are in North America and 20 are in Europe.[11]

LabVantage's customers in the United States include Aventis, Pfizer, and Unilever's Best Foods (now called Hellmann's and Best Foods).[2] In India, LabVantage provides services for GAIL, Indian Oil Corporation, and Reliance Industries.[12]

References
  1. "LabVantage Solutions, Inc". BusinessWeek. Archived from the original on 2009-04-22. Retrieved 2009-04-22.
  2. "US firm to double workforce in city". The Indian Express. 2005-11-16. Archived from the original on 22 April 2009. Retrieved 22 April 2009.
  3. Orenstein, David (1997-04-25). "Troy's Laboratory Microsystems Is Sold for Second Time". Times Union. Archived from the original on 2019-11-25. Retrieved 2019-11-25.
  4. Herbers, John (1986-06-07). "State Leads in Replacing U.S. Economic Aid". The New York Times. Archived from the original on 2019-11-25. Retrieved 2019-11-25.
  5. David, Peter (1983-09-01). "US high technology: States compete with novel bait". Nature. 305 (5929): 7. doi:10.1038/305007a0.
  6. Brown, Cailin (1988-11-18). "Laboratory Microsystems Plans $600,000 Expansion". Times Union. Archived from the original on 2019-11-25. Retrieved 2019-11-25.
  7. "Business". Times Union. 1987-12-13. Archived from the original on 2019-11-25. Retrieved 2019-11-25.
  8. Denn, James (1990-03-01). "Software Developer Gets Buyout Offer". Times Union. Archived from the original on 2019-11-25. Retrieved 2019-11-25.
  9. Denn, James (1990-05-04). "Instron Purchases Troy Computer Firm for $2.42 million". Times Union. Archived from the original on 2019-11-25. Retrieved 2019-11-25.
  10. "The LIMS Market and LVS". Instrument Business Outlook. Strategic Directions International. 2000-09-30. Archived from the original on 2019-11-25. Retrieved 2019-11-25.
  11. "LabVantage to double staff in India". Rediff.com. 2005-12-07. Archived from the original on 22 April 2009. Retrieved 22 April 2009.
  12. "LabVantage to hire more". The Telegraph. 2005-11-16. Archived from the original on 22 April 2009. Retrieved 22 April 2009.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.