NEW YORK – A group of investors said Friday they have reached a deal to acquire diagnostics software firm Novarum DX from BBI Solutions for an undisclosed sum.
Novarum DX specializes in designing software used to read lateral flow assay results using smartphones and supports customers in healthcare, aviation, veterinary medicine, and pharmaceutical development. Wales, UK-based BBI, which provides immunodiagnostics reagents and immunoassay services, acquired Novarum in 2016.
The acquiring investors include Innova Partnerships, Novarum CEO Neil Polward, and former Novarum Chairman Dennis MacPhail. Financial and other terms of the deal were not disclosed.
Novarum DX officials said the recent sale of the subsidiary will let Novarum expand the range and types of diagnostic tests it supports and apply its technology to other markets and business models as well as let BBI sharpen its focus on its core diagnostics business, which includes efforts to advance BBI's recombinant enzyme development and manufacturing capabilities.
"The team [has] some exciting possibilities in the pipeline and are confident that [its] technical expertise and the experience of the investors across software and healthcare will transform the way we operate," Polward said in an announcement. "We will continue our close working relationship with BBI to maximize the benefit to both customer bases."
Novarum DX officials said the firm also recently received a US patent on its methods of delivering a mixture of app development services, software as a service, and modular software capabilities to support scalability.