Path XL, who have been located at Catalyst Inc since 2011, made the exciting announcement today that they have been acquired by Dutch Technology giant Philips.
PathXL is a global pioneer in the use of web-based solutions for Cancer research and diagnosis using Digital Pathology. The company’s award-winning product TissueMark® has been developed to provide automated detection of cancer tumour on Digital Pathology images, and has benefited from significant R&D assistance from Invest NI.
Originally a spin out of Queen’s University, since moving to Catalyst Inc has grown to over 30 staff. It is an alumni of the Connect Springboard programme.
PathXL has also grown year on year, being placed in the Deloittes Top 50 fastest growing Technology firms in Ireland each year since 2012, and a recipient of Frost and Sullivan New Product Innovation awards in 2012 and 2014. In 2015, PathXL announced further investment, aimed at driving international sales of PathXL’s products. Clients at present include the Mayo Clinic, Cleveland Clinic, UCLA, Cancer Research UK, Oxford Biomedical Research Centre at the John Radcliffe, Royal Liverpool, Astra Zeneca, London Deanery, and the European Society of Pathology.
The company will continue to grow through this acquisition and have plans to double their workforce in the next 12 to 24 months. The company will be moving into bigger space in Concourse III at the end of July.
Dr Norman Apsley, CEO of Catalyst Inc welcomed the announcement, “This acquisition and expansion of one of our exciting high technology firms is a marvellous confirmation of our belief in the potential for the health sector. Well done Queens University. Looking forward to more.”