London, United Kingdom-based innovation scale-up Wazoku acquires a German R&D partnership platform enabling enterprises to scout, manage and collaborate with their innovation eco-system of innovation partners, such as start-ups, universities, corporates, suppliers, VCs and more, PosterLab. The company announced the acquisition on December 14, 2023. However, it did not disclose the amount of the transaction.
Purpose of the acquisition by Wazoku
Wazoku’s acquisition of PosterLab is the second for the company this year. Earlier in January 2023, the company acquired UK idea management firm Idea Drop. Overall, it is the fifth acquisition of Wazoku since 2020.
Wazoku has plans to integrate the platform further into its existing product suite. The company will also relaunch it as Wazoku Company Portal in Q2 2024.
What the wazoku company’s official has to add
Simon Hill, CEO Wazoku, said, “An innovation eco-system is integral to successful innovation, and scouting for partners is one of our most deployed use cases. But it’s astonishing how often such partnerships and projects fail because the partnerships are not managed effectively or visible to the organisation. PosterLab squarely addresses that challenge by allowing organisations to track and manage their innovation partnerships across the business. We’ve been growing our capability with the right strategic acquisitions over the last three years, and PosterLab truly enhances our proposition.”
Hill further continued, “As the world grows more volatile, it needs more innovative solutions to its many challenges. Whether through acquisition or organically, we are constantly looking to expand our innovation proposition to help address those challenges. PosterLab is a market leader in its field and will be a powerful addition to our enterprise offering, allowing customers to scout and manage their innovation partners in an integrated manner and, in turn, deliver more efficient and effective innovation.”
What the PosterLab official has to add
Sébastien Charles, co-founder and CEO of PosterLab, further said, “Up to 70% of R&D partnerships fail or do not fully achieve their set goals, which is why PosterLab has always sought to make R&D partnerships successful from the start, ensuring they can bring innovations to market as quickly as possible. Wazoku has an innate understanding of innovation and knows how important managing partnerships can be. We couldn’t be happier about joining the Wazoku family and look forward to our combined success in 2024 and beyond.”
About PosterLab
Sébastien Charles & Santiago Porta launched PosterLab in 2019. The vision is to make partnerships in R&D succeed systematically. PosterLab provides a clear partner ecosystem. It allows users to scout for partners but then crucially manage them effectively. It further has them to know all their innovation partners’ capabilities and the nature of each collaboration. It also offers easy knowledge transfer, allowing users to access and share projects and results between partners to facilitate true co-creation and collaboration.
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