News
NewSpring Ventures, L.P. Announces Sale of Portfolio Company Innaphase Corporation to Thermo Electron
FOR IMMEDIATE RELEASE
Company Contact:
Marc R. Lederman
Partner
(610) 567-2380
King of Prussia, PA, September 13, 2004 - NewSpring Ventures, L.P., a member fund of
NewSpring Capital, announced that it has successfully exited its investment in InnaPhase
Corporation. InnaPhase has been acquired by Thermo Electron Corporation (NYSE: TMO), the
world leader in analytical instruments, for approximately $70 million in cash.
InnaPhase is the premier supplier of Laboratory Information Management Systems (LIMS) for the pharmaceutical and biotechnology markets. Headquartered in Philadelphia, InnaPhase has over 100 employees and expects revenues of approximately $26 million in 2004.
The acquisition of InnaPhase by Thermo represents a successful transaction for the employees, customers and investors of InnaPhase. The combination of these two leaders in the laboratory sciences space will allow the InnaPhase team to continue to build on their vision, while leveraging the breadth of resources of Thermo. "Bringing together the proven, innovative products and the industry knowledge represented by people from both organizations -- along with Thermo's best-in-class instrument, equipment and service capabilities -- will allow us to provide a breadth of solutions for our customers that is unequaled in the industry," commented Jo Webber, Ph.D., former CEO of InnaPhase. Dr. Weber has been appointed General Manager of Thermo's Informatics Business, which will now be operated out of Philadelphia.
InnaPhase, which was founded in 1998, was financed by a syndicate of Philadelphia region private equity firms – NewSpring Ventures, LLR Partners, Edison Venture Fund, and EuclidSR.
Marc Lederman, Partner at NewSpring Ventures and InnaPhase board member, stated, “We at
NewSpring are extremely pleased to have been part of the InnaPhase team. To assist a company
in growing from its early stages to becoming a leader in their market is extremely rewarding.
Working with passionate and talented business leaders, such as Jo Webber and Bill Tobia, former
Chief Financial Officer of InnaPhase, is the part of my job that I enjoy the most. They did an
excellent job executing on the Company’s vision and were a critical part of the Company’s
success.” Mr. Lederman added, “This transaction was a strong exit for NewSpring and our
Limited Partners.”
About NewSpring Ventures
NewSpring Ventures is a $135 million venture capital fund managed under the NewSpring
Capital Family of Funds. NewSpring Capital, based in King of Prussia, PA, is a family of
specific purpose private equity funds, with approximately $200mm under management, focused
on the Mid-Atlantic region. The Family of Funds includes, NewSpring Ventures, L.P., a venture
capital fund providing equity capital to growth and expansion stage companies with a focus on
information technology, business services, and healthcare; NewSpring Healthcare, L.P., a
venture capital fund focused on intermediate- and late-stage life science and healthcare
companies; and NewSpring Mezzanine Capital, L.P., a mezzanine private equity fund focused on
late stage and buy-out opportunities in information technology, healthcare, business services and
specialty manufacturing.
About InnaPhase Corporation
InnaPhase Corporation provides 18 of the world’s top 20 pharmaceutical organizations with its
products and services. The Pharma LIMS™ Suite is a series of purpose built LIMS applications
for the pharmaceutical industry and is designed to operate in a 21 CFR Part 11 compliant
environment. The Pharma LIMS Suite includes: Newton™ LIMS for batch release, quality
control, formulation, stability and analytical development; Watson™ LIMS for pre-clinical and
clinical bioanalysis; and Galileo™ LIMS for In Vitro testing. InnaPhase also supplies
LabManager iLIMS and Thompson™ LIMS as well as the PeakPro chromatography automation
system. InnaPhase has locations in the United States, the United Kingdom, Germany, The
Netherlands and distribution centers in India and Japan.
About Thermo Electron
Thermo Electron Corporation is the world leader in analytical instruments. Our instrument solutions enable our customers to make the world a healthier, cleaner and safer place. Thermo's Life and Laboratory Sciences business provides analytical instruments, scientific equipment, services and software solutions for life science, drug discovery, clinical, environmental and industrial laboratories. Thermo's Measurement and Control business is dedicated to providing analytical instruments used in a variety of manufacturing processes and in-the-field applications, including those associated with safety and homeland security. Based near Boston, Massachusetts, Thermo has revenues of more than $2 billion, and employs approximately 10,000 people in 30 countries.
