OpenIOLabs has been bought by diversified scientific research firm Cronin in a $615,000 all-shares deal.
OpenIOLabs, a UK-based connected laboratory system developer spun out from Imperial College London (ICL) and University of Cambridge, agreed to an acquisition by diversified research firm Cronin today.
OpenIOLabs investors will together receive an initial consideration of 25 million Cronin shares, however this could rise to 47 million should the spinout meet certain performance criteria.
The initial valuation works out at £470,000 ($615,000) based on Cronin shares trading at £0.0188 each as of the time of writing.
Founded in 2005…
