Listed healthtech company snaps up startup for £3m
AIM-listed medical firm Integumen has conditionally agreed to acquire the integrated scientific data management services company, RinoCloud, for £3m.
With a major operation in York, Integumen is a vertically integrated business which collaborates its Labskin technology platform with partners in artificial intelligence, clinical research, medical device and life science.
RinoCloud, founded in Cambridge in 2016, is an integrated intelligent data service company focused on improving management of science data projects and provides technology services to curate data from generation, through to presentation to support papers, patents and prototypes.
Gerard Brandon, CEO of Integumen, said: “The proposed placing and acquisition of RinoCloud is transformational for our Labskin AI business and follows a five-month collaboration and three years of external development.
“The conversion of the business model from a physical laboratory to an automated, real-time, real-world digital data platform means we can quickly scale up to meet the growing demand for our cloud-based services. Our clients benefit from improved delivery of data directly to their scientist user-portal.
“Here they can monitor and adapt the testing process live from Labskin laboratories equipment or any third-party laboratory equipment, anywhere in the world. With strong growth seen in the first quarter of 2019, Labskin is at the forefront of animal-free testing for the healthcare, pharma and beauty industries. We believe that Integumen is leading a virtual microbiology testing revolution.”
Integumen, which is headquartered in Ireland, has also announced a placing through its broker, Turner Pope Investments and a subscription which will together raise £2.518m.