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01/09/2007

Innov-X Systems Receives $27 Million Investment

Innov-X Systems, Inc., a leading provider of elemental analyzers to the industrial, transportation, security, and energy end-markets, recently announced that it has received a $27 million minority investment from Summit Partners. Summit Partners is a private equity and venture capital firm that has raised nearly $9 billion in capital since inception.

Founded in 2001, Innov-X is a pioneer in the development of portable X-ray fluorescence (XRF) technology for elemental analysis. Innov-X is a privately held, profitable, and growing firm that operates worldwide, with offices in North America, Europe, and Asia.

Innov-X’s products use XRF technology to quickly determine the chemical composition of a substance, thereby identifying the existence of desirable or undesirable elements. Innov-X’s analyzers have been used for a wide variety of end-use applications, ranging from alloy analysis, RoHS/WEEE compliance and forensics to analyzing the remnants of the Discovery Shuttle wreckage for NASA.

The company’s products are also commonly used in manufacturing, compliance, and oil and gas formulation. Recently, Innov-X formed a joint venture and signed an exclusive supply agreement with A.P. Moller-Maersk to outfit the maritime, oil and gas exploration and distribution, and power industries with XRF and blending systems for optimal use and monitoring of fuels and lubricants.

“Innov-X’s mission from the start has been to discover new ways to apply XRF technology. Our applied innovative thinking has allowed the company to become a leader in our industry,” said Don Sackett, President of Innov-X. “By working together with Summit Partners, we are poised to further accelerate our development of new products and proprietary technology, expand our global presence, and exceed our customers’ expectation for quality.”

“We are excited to welcome Innov-X to Summit Partners’ family of leading technology companies,” said John Carroll, General Partner of Summit Partners, who will join the Innov-X Board of Directors. “Innov-X has the right blend of research, unique technology, and global reach to continue its robust growth.” Tom Roberts, Managing Partner with Summit Partners, will also join the Innov-X Board of Directors.

Founded in 2001, Innov-X has offices in The Netherlands, Hong Kong, Canada, and Dubai, with R&D and manufacturing facilities in the US. Headquartered in Woburn, Massachusetts, the company maintains worldwide sales and service alliances, with installation and training available in more than 100 countries.

For more information, please visit: www.innov-xsys.com