LabVantage Solutions, Inc., the leading provider of laboratory informatics solutions and services, including purpose-built LIMS solutions that allow labs to go live faster and at a lower total cost, today celebrated receiving global recognition as a top growth and innovation leader by Frost & Sullivan in the firm’s first-ever Frost RadarTM: Global Laboratory Information Management Systems (LIMS) for the Life Sciences Industry 2023 Report. LabVantage earned the No. 1 ranking for growth on the Radar by securing high scores for its consistent growth trajectory, high market share, ability to capitalize on new growth opportunities, and commitment to continued innovation.
The Frost Radar, created by growth advisory and analytics firm Frost & Sullivan, is an independent comparative analytical benchmarking tool that maps organizations and their LIMS solutions to identify top leaders in growth and innovation. Its growth index measures five parameters, including market share, revenue growth, growth pipeline, vision and strategy alignment, and sales and marketing effectiveness. The Radar’s innovation index evaluates scalability, research and development, product portfolio, leverage of long-term opportunities and new business models, and customer alignment. Using these indices, Frost & Sullivan benchmarked 120 LIMS solution vendors for the life sciences industry and represented the top 12 on the Radar as best-in-class solutions based on their features, capabilities, data integrity, interoperability, and informatics and analytics applications.
“Frost Radar Growth and Innovation leaders like LabVantage stand out because of their continuous innovation, comprehensive LIMS functionalities for life sciences companies, and regional commercial capabilities. They are instrumental in advancing the industry into the future,” said Piyush Bansal, Global Program Leader, at Frost & Sullivan. “The laboratory ecosystem is complex and requires tailored solutions for specific needs. LabVantage offers customers a best-in-class LIMS solution, reflected in its consistent growth and strong portfolio pipeline. Given its proven ability to scale continually, it has the potential to set an industry benchmark.”
The Frost & Sullivan report recognizes LabVantage’s comprehensive product portfolio, the company’s hybrid approach of leveraging internal R&D and external collaborations to access new technology, and significant investments in artificial intelligence (AI) and Natural Language Processing (NLP) to adeptly manage both scientific and unstructured data. The report marks LabVantage as a ‘Company to Action’ and a primary driver of competitive intensity in its growth environment, noting the company’s significant future growth potential, best practices in the industry, and ability to amplify its customer value proposition. The report also honors LabVantage’s partnership potential and reputation as a significant value provider to customers, investors, value chain partners and prospective talent.
“We pioneered the integration of LIMS, ELN, LES, and SDMS into a comprehensive platform for lab informatics, continuously improving it in collaboration with our customers to provide valuable business intelligence. We are delighted to have our approach validated by such a respected industry voice as Frost & Sullivan,” said Mikael Hagstroem, Chief Executive Officer at LabVantage Solutions. “The Frost Radar report reinforces the need in the life science industry for a platform that delivers an integrated approach to solving the challenges of managing critical scientific data end-to-end, from R&D to manufacturing to quality control.”
LabVantage has strengthened its technological capabilities in the past year by acquiring Biomax Informatics and unveiling AILANI, a tool that synergizes semantic modeling, ontologies, linguistics, and AI algorithms and revolutionizes query-based research in various databases. Demonstrating commitment to leveraging growth prospects in emerging Latin America and increasing its footprint throughout the region, the company recently made two professional service acquisitions in Brazil and Colombia.