Fluid Imaging Technologies Inc., a Scarborough-based company that manufactures high-tech lab equipment for particle analysis, has been acquired by a Japanese company.
Yokogawa Electric Corp., based in Tokyo, announced on Thursday that it had completed the acquisition of all outstanding shares of the Maine company. A purchase price was not disclosed.
Fluid Imaging Technologies is a pioneer in the development of “flow imaging” instruments, which combine the features of traditional microscopes with flow cytometers, which are used to detect and measure physical and chemical characteristics of a population of cells or particles.
Chris Sieracki founded the company in 1999 after developing the first prototype of the company’s now-flagship product, the FlowCam, at Bigelow Laboratory for Ocean Sciences in East Boothbay for use in phytoplankton research. Kent Peterson, the company’s current president and CEO, joined the company in 2002 to lead sales and marketing.
“The combination of Fluid Imaging Technologies’ flow imaging instrumentation with Yokogawa’s optical engineering, artificial intelligence software, marketing, and distribution capabilities will accelerate FlowCam’s positioning as the global brand leader in flow imaging technology,” Peterson said in a statement.
The 105-year-old Japanese company, which has its North American headquarters in Texas, focuses on industrial automation, testing and measurement technology. It posted $3.6 billion in sales in FY2018.
“Yokogawa’s long-term goal for 2050 is to contribute to society’s sustainable growth,” Hiroshi Nakao, a Yokogawa vice president and head of the company’s life innovation business unit, said in a statement. “One of our goals is to provide well-being for all. I strongly believe Fluid Imaging Technologies can greatly contribute in realizing this aim.”
Local impact
The acquisition will have no immediate impact on Fluid Imaging’s current location in Scarborough and its 28 employees, according to Cybèle Brooks, a company spokesperson who responded to follow-up questions from Maine Startups Insider.
“We plan to maintain our Scarborough operations. Yokogawa is building its U.S. presence, and while nothing is guaranteed, it’s likely there may be opportunity for further growth at this location,:” Brooks told MSI. “There are no plans to change or downsize any of the current staffing.”
Fluid Imaging raised a single round of private financing in 2013 of $3.9 million, according to Crunchbase. In response to a question about the makeup of the investors, Brooks said: “The company was owned by a number of private investors from near and far.”
Peterson will remain with the company for now, according to Brooks.
“Kent will be involved in ensuring a successful merger, securing his replacement for day-to-day operations and facilitating further development of life science applications such as blood-borne bacteria identification to better treat Sepsis and, possibly, Lyme disease, as well as develop early detection of cancer diagnostic instrumentation,” she said.
