NEW YORK (GenomeWeb News) — Venture capital group Summit Partners plans to make “a significant minority investment” in genomics and proteomics technology provider Fermentas International, the company said today.
Fermentas did not disclose the amount of the investment -- it said it “signed a definitive agreement to accept” Summit’s offer -- but said it plans to use the funds for organic growth and for new partnerships and acquisitions.
Fermentas was founded in the mid-1970s as part of the Soviet Union-funded Institute of Applied Enzymology and became an independent entity in 1995.
Although the company retains its offices in Vilnius, Lithuania, it is headquartered in Burlington, Ontario.
As part of the investment, Thomas Jennings, a principal with Summit Partners, will join the Fermentas board.