Summa Equity acquires majority stake in Molecular Diagnostics Software firm UgenTec
HASSELT, BELGIUM | BOSTON, MA – August 31, 2022 - UgenTec is pleased to announce it has closed a transaction in which the Nordic private equity firm Summa Equity has acquired the majority of shares in UgenTec, a Belgian/US based SaaS software provider that provides molecular diagnostic labs worldwide with AI-based software solutions for sample flow management, result analysis & interpretation, and lab QC & insights.
Summa Equity invests in companies with a positive impact on society, focusing on tech-enabled businesses, resource efficiency, and changing demographics. As personalized medicine is fast becoming data-centric and digitized, UgenTec, with its core focus on increasing the quality and reliability of molecular diagnostics and the major role it played in the pandemic, proved a perfect fit for Summa.
Driven by this shared vision, the new ownership and investment will allow UgenTec to accelerate its international expansion as well as expand its solution portfolio from PCR testing to additional types of molecular and non-molecular diagnostics, such as NGS, serology and Mass Spec applications. Moreover, UgenTec will continue its expansion into clinical diagnostics, agbio applications, and the pharma/biotech space, among others.
In the transaction, Summa becomes the majority shareholder, purchasing shares from HealthTech investment fund HERAN Partners, Limburg and Flemish early-stage investor LRM, and other early shareholders. The existing management team is already partnering with Summa to extend its footprint of geographies, applications, and technologies, evaluate organic and inorganic growth opportunities, and collaborate with portfolio companies.
Hans Cobben, Partner at Summa Equity and Marika Vitiä, Investment Manager at Summa Equity: “We’re excited to welcome UgenTec to our family of portfolio companies. UgenTec is a great fit since Summa prioritizes companies in healthcare, as exponential technological advancements and innovations are rapidly expanding what is possible. In turn, this is creating fundamentally new avenues for impacting health and improving patient outcomes.”
Steven Verhoeven, CEO UgenTec: "We are extremely pleased to join the Summa portfolio, since we share a data-driven vision for diagnostic testing and precision medicine. Contemporary molecular diagnostics now requires optimizing lab and healthcare workflows with smart software automation and unlocking valuable operational, research and clinical insights in diagnostic lab data through AI and data science."
Katleen Vandersmissen, Managing Partner Heran: "As an early investor, we are pleased to have supported UgenTec in the global commercial roll-out and vision for their FastFinder platform. With Summa as reference shareholder, UgenTec will be able to capitalize on a strong track record of growth and innovation. From the start, we were strong believers in the management team and their groundbreaking approach to revolutionize the diagnostics market.
Tom Vanham, CEO LRM: “Ugentec has its roots in LRM's dynamic network of incubators and has grown into one of the most promising companies on Corda Campus. As an early partner, LRM has used its network and expertise to help the company grow. The success of this Limburg scale-up proves that the LRM strategy to invest in young innovative starters pays off.”
UgenTec has raised more than 10M USD since its inception in 2014 and reached profitability, serving an international customer base of more than 300 and partners with leading molecular diagnostics assay and instrument providers.