Agilent Technologies Inc. A recently announced that it has entered into an agreement to acquire the assets of the privately held iLab Solutions, based in Boston. The deal is expected to close in August, subject to customary closing conditions. The financial details of the acquisition have been kept confidential.
iLab Solutions is a leader in cloud-based laboratory management software. It provides laboratory management services to leading universities, research hospitals and independent institutes across the globe.
Upon the closure of the deal, about 70 iLab Solutions employees are expected to join Agilent.
The acquisition will allow Agilent to strengthen its partnership with iLab Solutions and widen its growth prospects. It complements Agilent’s own sales efforts and will help it to offer better services to its customers. Additionally, the deal will strengthen Agilent’s presence in the growing U.S. market.
Mark Doak, president of Agilent CrossLab Group said “iLab’s solutions are robust and scalable, allowing for expansion into large-enterprise accounts, including Pharma." He added, “With iLab’s experience and outstanding enterprise-level management solutions, we will be able to immediately deliver broader value for our customers.”
We believe Agilent’s acquisitions, new products and testing systems will help it to grow as a formidable player in its space.
Agilent Technologies is a broad-based original equipment manufacturer of test and measurement equipment. The company’s fiscal second-quarter revenues were down 0.9% sequentially but up 5.8% year over year. However, earnings per share of 44 cents exceeded the Zacks Consensus Estimate by 5 cents and came above management’s guided range.
Agilent carries a Zacks Rank #2 (Buy). Investors may also consider stocks like Fabrinet FN and Rogers Corporation ROG, sporting a Zacks Rank #1 (Strong Buy), andCognex Corporation CGNX, carryinga Zacks Rank #2.
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