NEW YORK, Feb. 1 - Boston investment firm Riverside Partners has taken a "significant" minority ownership position in Applied Precision and will post three representatives to a new nine-member management board, the company said in a statement today.
Under the new organization, company co-founder Ron Seubert, an electronic engineer, becomes CEO and a board member. The company's other two founders, Don Snow and John Stewart, will also sit on the new management board, but will be less involved in daily operations of the company; Snow will work half-time, and Stewart has retired.
The board will also include three industry experts from pharma, life sciences and semiconductors.
In addition, Applied Precision has reformulated as an LLC.
Riverside representatives will not directly manage the company, but will assist in strategic alliances for development, distribution and investment.
The investment firm's new stake in Applied Precision was not disclosed.
The Issaquah, Wash., company develops tools for measurement and analysis in biotech, communications and computing, including a biochip reader and live-cell microscopy systems.