PerkinElmer Signs Agreement to Acquire CambridgeSoft Corporation and Completes Purchase of ArtusLabs, Inc.
News Mar 24, 2011
“The ability to integrate scientific tools and informatics is becoming increasingly critical for our customers as they look to drive productivity and speed to market,” said Robert Friel, chief executive officer and chairman, PerkinElmer, Inc. “CambridgeSoft brings strong customer relationships and excellent organizational capability, along with market leading products in both desktop and enterprise-wide software. ArtusLabs provides us with innovative technology enabling enhanced access to scientific knowledge, and is highly complementary to CambridgeSoft’s informatics solutions.”
He added, “These acquisitions combined with our existing offerings, particularly our OneSource® laboratory asset management services, make us uniquely qualified to enable highly efficient laboratory environments and increased scientific productivity.”
Based in Cambridge, Massachusetts, CambridgeSoft is a leading provider of discovery, collaboration, and knowledge enterprise solutions, scientific databases and professional services. CambridgeSoft primarily services pharmaceutical, biotechnology and chemical industries with solutions that help customers create, analyze and communicate scientific data while improving the speed, quality, efficiency and predictability of research and development investments.
Based in the Research Triangle Park area, North Carolina, ArtusLabs offers the Ensemble® scientific knowledge platform, to accelerate research and development in the pharmaceutical, chemical, petrochemical and related industries. Ensemble integrates disparate data from customers’ legacy Electronic Laboratory Notebooks (ELN) and informatics systems and databases, maximizing the value of an organization’s scientific intellectual capital.
For the full year 2011, CambridgeSoft and ArtusLabs anticipate aggregate revenues of approximately $65 million and the initial aggregate cash purchase price for these companies is approximately $220 million, plus potential additional contingent consideration of up to $15 million. The Company anticipates these transactions to be dilutive to 2011 GAAP earnings per share by approximately $0.13. This dilution to GAAP earnings per share is due primarily to adjustments related to purchase accounting. On a non-GAAP basis, which includes the adjustments in the attached reconciliation, the Company expects the transaction to be accretive to its adjusted earnings per share by approximately $0.04 for the balance of 2011.
The purchase of CambridgeSoft is expected to close in the second quarter, subject to customary closing conditions, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.