Summit Partners makes growth equity investment in IDT
Integrated DNA Technologies (IDT) has secured a minority investment by growth equity investor Summit Partners.
IDT’s founder Dr Joseph Walder will remain the company’s majority owner.
Additional terms of the investment have not been disclosed.
IDT is the world’s largest manufacturer of custom nucleic acid products. The company supplies scientists with synthetic DNA and RNA sequences, serving the academic research, biotechnology, clinical diagnostics, and pharmaceutical sectors.
“Our success is based on the highest quality custom biology products, delivered quickly, and a significant investment in research and development,” says Dr Walder. “My team and I have gotten to know Summit over several years and we are confident they will add significant value to our organisation. We look forward to partnering with Summit to grow our business.”
“We are very enthusiastic about working with Dr Walder and the team at IDT,” says Michael Anderson, a principal at Summit Partners who joined IDT’s board of directors. “IDT is the clear market-leader in the field of synthetic DNA, serving a very large and diversified customer base. The strong and long-term relationships that the company has built with its customers are extremely impressive.”
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