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Tech firm joins the 'billion dollar club' -- with university help
Date:12/23/2010

ad developed this fermentable algae," explains Henry "Pete" Linsert, former chairman and CEO of Martek. "We were getting into the next stage where we said 'will this stuff actually scale-up?' If it doesn't, we thought, if the economics aren't good, if it doesn't make pure products, if the organism doesn't grow, well we're sunk. We didn't have the equipment. We didn't have the people. Mtech said let's see if we can make this work. And it did!...It all started here. It all came from this facility."

Martek had nearly a half billion dollars in net sales last year, and employed 600 people at five principal locations in Maryland. The company says it plans to maintain its Maryland facilities and workforce following the sale.

"Mtech's programs are a great example of why Maryland is a leader in technology innovation," says Governor Martin O'Malley. "The State of Maryland is committed to providing support for the entrepreneurship ecosystem that makes this kind of continued, sustainable success possible."

Successes by other Mtech graduates include:

  • Incubator graduate Paice LLC licensed 23 of its patents to Toyota (used in hybrid cars such as the Prius) and Ford during summer 2010.
  • Powerize.com was bought by Hoover for $30 million in 2000; NovaScreen Biosciences was purchased by Caliper Life Sciences for $30 million in 2005.
  • Cytonix and DataStream Content Solutions, were acquired in the past two years for undisclosed sums by Life Technologies and Dolan Co., respectively.
  • Current incubator firms have gotten $23.8 million in contracts, grants and investment since 2008.
  • MedImmune, Hughes Network Systems and Black & Decker are among the 468 companies using Mtech's MIPS program to develop major products generating more than $21.6 billion in revenue.
  • Hinman CEOs, an Mtech undergrad entrepreneurship program, produced two Inc. 500 companies: Squarespace and Lurn.

Mtech has built an innovative and com
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Contact: Neil Tickner
ntickner@umd.edu
301-405-4622
University of Maryland
Source:Eurekalert

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