Agilent Technologies Signs Agreement to Acquire Velocity11, a Leader in Life Science Lab Automation and Robotics
SANTA CLARA, Calif. & MENLO PARK, Calif.–Agilent Technologies Inc. (NYSE:A – News) and Velocity11 today announced that they have signed a definitive agreement for Agilent to acquire Velocity11. Velocity11, privately held, is a leader in automated liquid handling and laboratory robotics for the life science market. Financial details were not disclosed. The acquisition is expected to be final in 30 to 60 days, subject to certain closing conditions.
The acquisition will enable Agilent to offer a more comprehensive suite of workflow solutions to its life science customers in the pharmaceutical, biotech and academic research markets. Velocity11 designs, manufactures and markets robotic solutions that range from standalone instrumentation to bench-top automation solutions to large, multi-armed robotic systems. The company also develops world-class software to control the robotics. Velocity11’s technology will strengthen Agilent’s offering of automated sample-preparation solutions across a broad range of applications.
“Velocity11 is a market leader in lab automation with a solid reputation for innovative technology, quality products and superb customer service,” said Nick Roelofs, vice president of Agilent’s Life Science Systems and Solutions Unit. “Together, we can offer customers a comprehensive set of workflow solutions with increased levels of automation, which can help speed drug discovery and genetic research. When the acquisition is final, customers will continue to experience the same personalized customer service they’ve come to expect from Velocity11, with the addition of Agilent’s strong network of global service and support.”
“We are very excited to be joining Agilent and to have found a company with such a complementary culture, product line, commitment to customer satisfaction and vision for providing complete automated workflow solutions,” said Rob Nail, Velocity11’s CEO. “The ability to leverage Agilent’s global infrastructure and deep applications focus will allow us to continue to improve the services we provide our customers, innovate in new directions, and rapidly expand our reach worldwide.”
Agilent is offering jobs to substantially all of Velocity11’s approximately 150 employees worldwide. Headquartered in Menlo Park, Calif., Velocity11 has a second office in Melbourn, Hertfordshire, U.K., with field sales and support offered throughout the U.S. and western Europe. The company was established in 1999.
Velocity11 has been recognized as one of the fastest growing companies in Silicon Valley (“Silicon Valley Fast 50” list) and in North America (“Technology Fast 500” list and Inc. 500 list). In 2006, Velocity11 was named to Deloitte’s “Fastest Growing U.S. Tech Company” list.
Velocity11 is a privately held company based in Menlo Park, Calif., and is focused on pioneering automation technology solutions for life science laboratories. The company’s customers comprise most of the major pharmaceutical and biotechnology companies as well as leading genome centers and academic institutions. Combining innovative engineering with high standards of quality and customer service, Velocity11 designs and manufactures flexible high-performance automation solutions for processes that are transforming the industry. Velocity11 is committed to providing its customers with The Ultimate Automation Experience(tm). Information about Velocity11 can be found on the company’s Web site at www.velocity11.com.
About Agilent Technologies
Agilent Technologies Inc. (NYSE:A – News) is the world’s premier measurement company and a technology leader in communications, electronics, life sciences and chemical analysis. The company’s 19,000 employees serve customers in more than 110 countries. Agilent had net revenue of $5.0 billion in fiscal 2006. Information about Agilent is available on the Web at www.agilent.com.
This news release contains forward-looking statements as defined in the Securities Exchange Act of 1934 and is subject to the safe harbors created therein. The forward-looking statements contained herein include, but are not limited to, information regarding Velocity11’s technological expertise and its enhancement of our product portfolio, information regarding the contribution Velocity11 would make to Agilent’s ability to address customer demands, and the ability of Agilent to provide improved products, services and support to its customers following the closing. These forward-looking statements involve risks and uncertainties that could cause Agilent’s results to differ materially from management’s current expectations. Such risks and uncertainties include, but are not limited to, risks associated with the ability to effectuate the acquisition on a timely basis, risks associated with changes in demand for Agilent’s and Velocity11’s products, risks associated with the timing of completion of the acquisition and risks associated with the development generally of Agilent’s overall strategic objectives.
In addition, other risks that Agilent faces in running its operations include the ability to execute successfully through business cycles; ongoing competitive, pricing and gross margin pressures; the impact of geopolitical uncertainties on our markets and our ability to conduct business; the ability to improve asset performance to adapt to changes in demand; the ability to successfully introduce new products at the right time, price and mix and other risks detailed in Agilent’s filings with the Securities and Exchange Commission, including its Quarterly Report on Form 10-Q for the quarterly period ended July 31, 2007. Forward-looking statements are based on the beliefs and assumptions of Agilent’s management and on currently available information. Agilent undertakes no responsibility to publicly update or revise any forward-looking statement.
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