Lab software services company sold to private equity firm, DAK Group says

A Red Bank provider of laboratory informatics and other scientific software services has been sold, according to investment bank the DAK Group.

Rochelle Park-based DAK said in a news release that Astrix Software Technology Inc., which does business as Astrix Technology Group, was sold to Quad-C Management Inc., a private equity firm based in Virginia. Financial terms of the transaction were not disclosed.

DAK served as exclusive investment banker and financial adviser to Astrix in the deal, which was conducted virtually due to the pandemic.

“Astrix is an innovative company and true industry pioneer, sustaining extraordinary financial growth for over 25 years,” DAK Managing Director Steve Raymond said in a prepared statement. “Partnering with Quad-C will help to accelerate their industry leadership position, while ensuring the legacy of the company and its employees.”

Raymond led the transaction, working with Elyse Greenbaum, director, and Milton Parra, associate.