Source Scientific, LLC is 100% Acquired by BIT Analytical Instruments, Inc.
1/15/2013 10:05:13 AM
IRVINE, Calif.--(BUSINESS WIRE)--Source Scientific LLC (SSL) has announced that the company has now become fully-owned by BIT Analytical Instruments GmbH of Schwalbach, Germany (www.BIT-companies.com). The 100% acquisition of Source Scientific follows a planned five-year transition period during which BIT owned 50% of the highly-successful in-vitro diagnostic / medical analytical instrument company. According to Richard Henson, former CEO of Source Scientific, “Our product development business is experiencing the strongest growth of our 32-year history. BIT will keep both Irvine [Source Scientific] and San Diego [BIT MedTech] facilities active and expects growth in both locations. Additionally, BIT is planning a new Irvine facility by the end of the year that will allow us to provide even better services to our clients.” As of January 1, 2013, Marius Balger, CEO of BIT Group is also taking on the position of Interim CEO of Source Scientific. Bruce Sargeant will continue to serve as President and CTO and remains stakeholder in the company. Says Balger, “Operating for the past five years under the auspices of our global BIT group network and resources, Source Scientific has grown and developed into a strong, efficient BIT company. It was the logical step for us to exercise the option to enable faster growth and optimized service provision in the US market. We are proud to welcome all SSL employees into the BIT family.”