Integrated DNA Technologies (IDT) has acquired MBiotech, a Seoul, South Korea-based distributor of IDT products.
Coralville-based IDT said MBiotech has made IDT's brand well-known throughout the South Korean peninsula. The company also distributes products for other manufacturers, which include reagents, enzymes, kits, consumables and lab equipment.
Terms of the sale were not disclosed. Following the acquisition, IDT will continue MBiotech's distribution of other manufacturers' product and plans to keep day-to-day operations unchanged, IDT said in a June 2 announcement.
IDT is a global leader in custom nucleic acid synthesis. Founder and CEO Joseph Walder, in a press release, said "IDT has enjoyed a longstanding relationship with MBiotech. We respect and welcome them into the company. MBiotech's local-language website, efficient operations and extensive distributor base make it a valuable asset.
Joshua Lee, founder, president and CEO of MBiotech said, "We share IDT's commitment to excellent customer service and quality. We are very pleased to become part of the IDT family. As one company, we will be able to offer better service to our Korean customers and those in our global markets."