Summit Partners Makes Growth Equity Investment in IDT
News Mar 19, 2014
Integrated DNA Technologies announced today a minority investment by growth equity investor Summit Partners. IDT’s founder, Dr. Joseph Walder, will remain the company’s majority owner. Additional terms of the investment were not disclosed.
IDT is the world’s largest manufacturer of custom nucleic acid products. The company supplies scientists with synthetic DNA and RNA sequences, serving the academic research, biotechnology, clinical diagnostics, and pharmaceutical sectors. IDT develops innovative products while providing unmatched product value, excellent delivery times, and personalized customer service.
“Our success is based on the highest quality custom biology products, delivered quickly, and a significant investment in research and development,” said Dr. Walder. “My team and I have gotten to know Summit over several years and we are confident they will add significant value to our organization. We look forward to partnering with Summit to grow our business.”
“We are very enthusiastic about working with Dr. Walder and the team at IDT,” said Michael Anderson, a Principal at Summit Partners who joined IDT’s Board of Directors. “IDT is the clear market-leader in the field of synthetic DNA, serving a very large and diversified customer base. The strong and long-term relationships that the company has built with its customers are extremely impressive.”
Craig Frances, MD, a Managing Director with Summit Partners who also joined IDT’s Board, added, “IDT has the highest quality products and best customer service in the world, which is why more than 82,000 researchers rely on the company. Dr. Walder and his team are truly pioneers in the life science tools sector and we are very pleased to be their partner.”