GLI Group acquires remaining shares in iTech Labs
Financial terms of the deal were not disclosed, but it was confirmed that iTech Labs will now operate as a wholly owned subsidiary of GLI Australia.
iTech Labs will continue to operate its global network of testing laboratories independently while coordinating efforts with GLI’s larger sales and back-office staff globally.
GLI added that the arrangement will also allow iTech Labs’ clients to benefit from its global network laboratories and relationships with regulators.
“We are pleased iTech will continue to be branded as iTech and will operate as they have over the past 19 years,” GLI president James Maida said. “We are pleased that the entire management, testing and sales teams will continue to operate and be licensed in the jurisdictions they serve.”
iTech Labs’ chief executive, Kiren Sreekumar, added: “The GLI Group shares our values and deep commitment to providing our customers best-in-class service and are exceedingly pleased with this investment.
“While iTech has achieved great success over the past many years, with the GLI Group’s support we are confident that iTech’s growth will be enhanced and thereby benefit our customers.”