LabVantage Solutions' strategic expansion and robust internal capabilities position it as a leader in the laboratory informatics market, driving advancements and enhancing operational efficiencies for its global clientele.
SAN ANTONIO, Oct. 4, 2024 /PRNewswire/ -- Frost & Sullivan assessed the laboratory information management systems (LIMS) industry and, based on its findings, recognizes LabVantage Solutions with the 2024 Global Company of the Year Award. A leading provider of comprehensive laboratory (lab) informatics platforms, LabVantage Solutions offers differentiated, value-added solutions to transform data into knowledge and empower laboratories to address emerging business challenges and capitalize on future opportunities. The company helps customers streamline laboratory processes, manage data, and integrate systems to improve workflow efficiency. It has established itself as a leading LIMS provider globally and was recognized as the highest-ranking LIMS vendor in growth and innovation in Frost & Sullivan's first Frost Radar™ report for LIMS in 2023 and 2024.
LabVantage Solutions
LabVantage Solutions' strategic partnerships, specialized solutions, and regulatory compliance improve data security and serve various industries, including pharmaceuticals, biotechnology, food and beverage, oil and gas, forensics, academia, and the public sector. The company also offers a unique, comprehensive solution that combines nearly four decades of innovation and industry expertise into an ever-evolving, transformative platform. Built on a solid, technologically advanced foundation that is 100% web browser-based, it uses nonproprietary code for ease of maintenance and no-code configurability. During the past decade, the LabVantage Solutions platform has expanded from specific capabilities to a broader integrated suite that includes an electronic lab notebook (ELN), lab execution system (LES), scientific data management system (SDMS), and customer portal. LabVantage Solutions' Software-as-a-Service (SaaS), a major growth initiative, enables customers to reduce their IT burden while keeping up to date with rapidly evolving capabilities. The platform's evolution has contributed significantly to new business wins, aligning with the company's growth trajectory and allowing faster deployment, enriched features, and enhanced customer experiences.
Lucila Martin, healthcare and life sciences research analyst at Frost & Sullivan, observed: "LabVantage distinguishes itself with an extensive product lineup, smooth integration capabilities, and dedication to facilitating digital transformation in laboratories. Given the early and strategic growth of SaaS as part of its business, the company enhances its ability to capitalize on LIMS market trends and opportunities."
The adaptability of the LabVantage LIMS platform allows customers to select and implement specific modules according to their needs with the flexibility to scale usage as required. LabVantage Solutions' global presence and corporate customer base of more than 1,500 organizations highlight its ability to adapt and excel within the competitive life sciences sector. In 2024, the company achieved more than 100 software deployments across the pharma, biotechnology, and healthcare industries, leading to significant improvements in operational productivity. Its ability to deliver comprehensive solutions and leverage cutting-edge research ensures that LabVantage Solutions remains at the forefront of scientific advancements while continually improving its offerings.
"LabVantage's strategic expansion into new markets, such as Colombia, Brazil, Korea, and Hong Kong, combined with its acquisition of SEIN Infotech, highlights its commitment to expanding globally. Collaborations with entities, including TCG Digital and TCG Crest, bolster the company's ability to remain at the forefront of scientific advancements. LabVantage's strategic adaptability, innovative solutions, and relentless focus on customer needs collectively establish it as a pioneering force in the LIMS sector," added Norazah Bachok, best practices research analyst at Frost & Sullivan.
"It is a great honor to be awarded Company of the Year in the global LIMS industry by an esteemed industry advisory firm such as Frost & Sullivan," said Mikael Hagstroem, CEO of LabVantage Solutions. "This recognition is a result of the dedication and passion that my 1,223 colleagues put into changing from a product-centric to a truly client-focused company with a focus on delivering client impact."
Each year, Frost & Sullivan presents this award to the company that has demonstrated excellence in devising a strong growth strategy and robustly implementing it. The recipient has shown strength in terms of innovation in products and technologies, leadership in customer value, as well as speed in response to market needs. The award looks at the emerging market players in the industry and recognizes their best practices that are positioned for future growth excellence.
Frost & Sullivan Best Practices awards recognize companies in various regional and global markets for demonstrating outstanding achievement and superior performance in leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry.
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About LabVantage Solutions
A recognized leader in enterprise laboratory software solutions, LabVantage Solutions dedicates itself to improving customer outcomes by transforming data into knowledge. The LabVantage informatics platform is highly configurable, integrated across a common architecture, and 100% browser-based to support hundreds of concurrent users. Deployed on-premise or via SaaS, it seamlessly interfaces with instruments and other enterprise systems - enabling true digital transformation. The platform consists of the most modern laboratory information management system (LIMS) available, integrated electronic laboratory notebook (ELN), laboratory execution system (LES), scientific data management system (SDMS), and advanced analytics; and, for healthcare settings, a laboratory information system (LIS). We support more than 1500 global customer sites in the life sciences, pharmaceutical, medical device, biobank, food & beverage, consumer packaged goods, oil & gas, genetics/diagnostics, forensic, and healthcare industries. Headquartered in Somerset, NJ, with global offices, LabVantage has offered its comprehensive portfolio of products and services to enable customers to innovate faster in the R&D cycle, improve manufactured product quality, achieve accurate record-keeping, and comply with regulatory requirements for four decades. For more information, visit labvantage.com.
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