SYGNIS changes name to Expedeon AG after series of acquisitions
PUBLISHED: 22:13 18 August 2018 | UPDATED: 22:13 18 August 2018
CEO Dr Heikki Lanckriet says company is offering expanded product portfolio for life science industry
SYGNIS AG has changed its name to Expedeon AG after a period of major growth through acquisitions.
The company, which provides reagents and services for the life science industry and for diagnostics, also announced strong revenue growth for the first six months of 2018 to 5.6million euros, up 89 per cent on the same period last year.
Under its Grow, Buy and Build strategy, in 2016 the firm acquired proteomics product company Expedeon Holdings in the UK, before adding US-based life sciences tools provider CBS Scientific.
In June 2017, it added Babraham and Sawston-based Innova Biosciences – which provides antibody and protein labelling products – for 11.5million euros in cash and shares.
In October last year, Innova moved to Over to join Expedeon in expanded facilities.
Then in May this year, German-headquartered SYGNIS acquired TGR Biosciences, the Australian research reagents company, for 10.1million euros.
The acquisitions have significantly grown the group’s product portfolio, and its sales and marketing capacities.
Dr Heikki Lanckriet, CEO and CSO of Expedeon, said: “Changing the company’s name to Expedeon AG completes the full integration of the recently-acquired companies, as well as our corporate rebranding, which combines the new structure with our customer-focused brands in the genomics, proteomics and immunology markets.
“We have already demonstrated our success with our Grow, Buy and Build strategy through the expansion of our product portfolio with new cutting-edge products, services and technologies, by acquiring profitable and innovative companies, and by further increasing our strong organic growth and profitability. We are excited to move forward on our growth path, now as Expedeon AG.”
Expedeon reported positive earnings (EBITDA) for the first half of the year and predicted revenues of 13-14million euros for 2018.
David Roth, CFO of Expedeon, said: “We are pleased with the progress made in our financial performance during the first half of 2018.
“The strong financial results build on the successful execution of our Grow, Buy and Build strategy.
“We are on track for reaching our full year revenue guidance and for being overall EBITDA positive for the full year.”
The company said it planned further growth in line with a “corporate vision to further establish a global brand for innovative reagents and services serving the life sciences research and diagnostics industry markets”. It now has about 110 employees across the UK, USA, Singapore, Germany and Spain.