Summit Partners Makes Growth Equity Investment in IDT
CORALVILLE, Ioa. and MENLO PARK, Calif., March 19, 2014-- Integrated DNA Technologies (IDT) 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.”
Integrated DNA Technologies (IDT) is the largest supplier of custom nucleic acids in the world, serving academic, government, and commercial researchers in biotechnology, clinical diagnostics, and pharmaceutical development. IDT's primary business is the manufacture of custom, synthetic DNA and RNA oligonucleotides. IDT synthesizes and ships an average of 44,000 custom oligos per day to more than 82,000 customers worldwide. IDT manufacturing locations include facilities in Coralville, Iowa; San Diego, California; Leuven, Belgium; and Singapore. For more information, visit www.idtdna.com.
About Summit Partners
Summit Partners provides growth equity to exceptional entrepreneurs and management teams. Founded in 1984, the firm has raised nearly $15 billion in capital and provides equity and fixed income for growth, recapitalizations and management buyouts. Summit has invested in more than 385 companies in technology, healthcare and other growth sectors. These companies have completed more than 130 public offerings, and more than 140 have been acquired through strategic mergers and sales. Notable healthcare and life science companies financed by Summit Partners include HealthCare Partners, Clontech, Diagnostic Hybrids, Fermentas, and Mednax. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, visit www.summitpartners.com or follow on Twitter at @SummitPartners.
In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners Limited, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners Limited is a limited company registered in England and Wales with company number 4141197, and its registered office is at 20–22 Bedford Row, London, WC1R 4JS, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.
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