BICO Group Expands into Software with Up-to-$165M Biosero Acquisition
Summary
BICO has agreed to acquire San Diego-based Biosero for up to $165 million, in a deal that creates a combined provider focused on end-to-end automation of workflows for genomics, diagnostics, spatial biology, and other key healthcare applications. Founded in 2003, Biosero offers software solutions under the brand umbrella of “Green Button Go,” as well as services designed to enable seamless laboratory automation for connected and smart workflows. BICO said its plans for Biosero include investing $20 million over three years to accelerate the company’s commercialization efforts by expanding into new regions and fully monetizing its current pipeline of orders. “This includes close collaboration between Biosero and other BICO sales reps to educate new and existing customers on the benefits of automated workflows using our hardware and software.” The company also plans to accelerate product development capabilities in software features such as mobile robotics and data analytics. “Through improved efficacy and efficiency this leads to better and faster decision making for our customers and contributes to solving the modern healthcare challenges we face.” Biosero is expected to generate approximately $26 million in annual revenue, with earnings before interest, taxes, depreciation, and amortization (EBITDA) of more than 25%.