WALTHAM, Mass. / Mar 20, 2024 / Business Wire / Today, Revvity, Inc. (NYSE: RVTY) announced that it has filed a complaint against Cloud Software Group (CSG) in Massachusetts Superior Court and requested injunctive relief to enforce Revvity’s rights and CSG’s obligations as a strategic partner.
CSG is refusing to honor its contractual obligations with Revvity as a strategic partner, including violating the terms of its agreements with Revvity for its TIBCO Spotfire® software. In addition, CSG is interfering in Revvity’s customer relationships by directly contacting Revvity’s customers, as well as engaging in willful misconduct by marketing the Spotfire products in Revvity’s exclusive markets.
For over a decade, Revvity has been the exclusive provider of Spotfire to the research and clinical markets.
“Continuing to serve our customers remains our top priority, and we will take all actions necessary to enforce our rights and CSG’s obligations in this regard,” stated Kevin Willoe, SVP and general manager at Revvity Signals Software. “We will work to the best of our ability to support our customers while we go through this legal process. We are confident that Revvity will prevail.”
The Company is reaffirming its 2024 full year guidance of total revenue of $2.79-$2.85 billion and adjusted earnings per share of $4.55-$4.75, as communicated on February 1, 2024.
About Revvity
At Revvity, “impossible” is inspiration, and “can’t be done” is a call to action. Revvity provides health science solutions, technologies, expertise and services that deliver complete workflows from discovery to development, and diagnosis to cure. Revvity is revolutionizing what’s possible in healthcare, with specialized focus areas in translational multi-omics technologies, biomarker identification, imaging, prediction, screening, detection and diagnosis, informatics and more.
With 2023 revenue of more than $2.7 billion and over 11,000 employees, Revvity serves customers across pharmaceutical and biotech, diagnostic labs, academia and governments. It is part of the S&P 500 index and has customers in more than 190 countries.
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| Last Trade: | US$93.75 |
| Daily Change: | -1.79 -1.87 |
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| Market Cap: | US$11.410B |
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