LabCorp Announces Acquisition of Bode Technology
News Dec 10, 2014
Laboratory Corporation of America® Holdings (LabCorp®) announced the completion of its acquisition of Bode Technology from SolutionPoint International, Inc.
As a wholly-owned subsidiary of LabCorp, Bode Technology and its division Chromosomal Labs will continue to provide specialized forensic DNA analysis, proprietary DNA collection products, and relationship testing to an international market in combination with LabCorp’s US- and UK-based DNA Identity and Cellmark Forensics businesses, part of LabCorp’s Specialty Testing Group.
“We are very pleased that Bode Technology is joining the LabCorp family,” said David P. King, LabCorp’s Chairman and Chief Executive Officer. “Bode Technology’s capabilities strengthen our range of forensics and DNA identification testing services, furthering the Fourth Pillar of our strategy by continuing our leadership in scientific innovation. In addition to Bode Technology’s strategic fit, the transaction meets LabCorp’s financial criteria of being accretive to earnings in year one and earning our cost of capital by year three.”
Under the new combined businesses, Cellmark Forensics and Bode Technology will provide DNA testing services to federal and state governments, law enforcement agencies, crime laboratories, disaster management organizations, and various consumer markets throughout the United States and around the world.