NEW YORK — Bico said on Thursday that it will acquire Biosero, a San Diego-based provider of lab workflow software, for $165 million in cash and stock.
Bico said that it has entered agreements with Biosero shareholders to acquire all of the company's outstanding shares for roughly $103.9 in cash, $34.7 million in consideration shares, and $26.4 in a combination of cash and stock paid out over the next three years.
According to Bico, the acquisition will allow it to offer its customers fully automated and connected lab workflow solutions, as well as boost its software capabilities. The Boston-based firm said that it will also invest $20 million in Biosero over the three years to expand its commercial presence in the US, Europe, and Asia, and to accelerate its R&D efforts.
Biosero has approximately 75 employees and is expected to generate $26 million in revenues this year, Bico said. Applications for its software include genomics, genomic surveillance, cell biology, proteomics, compound management, and clinical diagnostics, according to the company's website.
"With Biosero, we take a significant and strategized step in expanding our portfolio with combinatorial smart software systems to enable automated workflows," Bico cofounder and CEO Erik Gatenholm said in a statement. "The Biosero software platform will serve as a glue to our impressive portfolio of hardware instruments and solutions, tying together the great hardware technologies we have acquired over the years."
In October, Bico — formerly Cellink — acquired sample preparation and liquid handling company QInstruments for about $71 million. Last year, it bought German precision dispensing firm Scienion for roughly $94.8 million.