CELLINK AB has entered into an agreement with the shareholders of Discover Echo Inc. to acquire all outstanding shares, on a cash- and debt-free basis for a purchase price of USD 110 million. Approximately eleven percent of the purchase price will be paid in newly issued shares of series B in CELLINK and the remaining part will be paid cash.
Discover Echo is an innovative and revolutionary American company focusing on development, manufacturing, and sales of patented and unique hybrid microscopes that easily transform between Upright and Inverted configurations, merging the capabilities of multiple instruments into one. Discover Echo is expected to grow 65% in 2021 and generate approximately USD 20 million of revenue with a double-digit EBITDA margin.
Founded in 2013 Discover Echo is a fast-growing microscopy and imaging company. The company is headquartered in San Diego, California, and has its European subsidiary in the UK. Discover Echo has around 50 employees. The company’s primary market is North America, but it has also gained strong presence in Europe and Asia. Discover Echo has revolutionized the market by offering hybrid automated microscopes with greater versatility than other systems on the market. Discover Echo has significantly improved the usability of their microscopes by replacing traditional eyepieces with ultra high-resolution touchscreen displays and offering a unique software app that advances the workflow of acquiring, sharing, and analyzing images. Discover Echo expects to strengthen its product portfolio further in the near future to obtain even stronger synergies with existing products within the CELLINK Group.
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The world of microscopy is going through a massive transformation, and we are very excited to lead the way forward together with Discover Echo. With Discover Echo’s revolutionary microscopy technology and disruptive product line, we further complement our existing bioconvergence products and capture strong cross-selling synergies” commented Erik Gatenholm, CEO, CELLINK.
“We take great pride in our products, offering our customers with the most progressive instruments within their class. In our company’s young history, we have already established a strong market position. This has been achieved thanks to our dedicated team who has continuously pushed to redefine microscopy and imaging for today’s customers. We are extremely excited to join the CELLINK Group. Together we will continue to disrupt the live cell imaging and analysis market and deliver on the Group’s vision to create and redefine the future of medicine.” stated Eugene Cho, Founder and CEO, Discover Echo.
For more information:
www.discover-echo.com
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