Westborough Firm Bought For $35M
VelQuest Corp., a Westborough-based biotech services firm, has been purchased for $35 million by Accelrys Inc., a publicly-traded company based in San Diego.
VelQuest makes a software system that allows biotech and pharmaceutical companies to track analytics and conduct quality control without paper. The company has a suite of "procedure execution management" products, as it calls them.
The move extends Accelrys's reach beyond paperless research technology and into the quality assurance and quality control arenas.
Accelrys has agreed to retain all 60 members of the VelQuest staff, according to VelQuest president and CEO Ken Rapp.
Accelrys reported that revenues in the third quarter of 2011 increased year-over-year from $29 million to $36 million and losses dropped from $20.4 million to $2.9 million.
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