Research Triangle Park, NC – Synthematix announced it was acquired this week by California-based Symyx Technologies. Synthematix is a provider of organic synthesis reaction planning software systems for use in chemistry research. It’s customers are primarily in the pharmaceutical and biotechnology industries.

Under the terms of the agreement, Symyx will pay approximately $13 million in cash to acquire all outstanding shares of Synthematix, plus an additional potential earn out of up to $4 million over a one year period based on achievement of incremental revenue targets.

At the end of 2004, Synthematix had cash and cash equivalents of approximately $1 million.

The acquisition of Synthematix has been approved by the boards of directors of both companies and is expected to close in April, 2005.

“As a part of Symyx, we will bring together a much broader offering of products and technology for chemists from discovery through development,” said Robin Smith, founder and chief executive officer of Synthematix.

Smith co-founded Synthematix in 1999 after discovering that many biotech and pharmaceutical companies have difficulty tracking their processes so that everyone in the company knows what work has already been done.

The company expects to maintain its full operations here in RTP.

Read the earlier TechJournal profile on Synthematix:

http://www.triangletechjournal.com/news/article.html?item_id=515

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