908 Devices completes acquisition of NIRLAB AG

908 Devices (MASS) announced that it has completed the acquisition of NIRLAB AG, a privately held company based in Lausanne, Switzerland. The company delivers AI-powered, cloud-connected near-infrared spectroscopy to perform handheld chemical analysis of narcotics in seconds. “We’re thrilled to welcome the NIRLAB team to 908 Devices. Our combination creates a powerful end-to-end workflow advantage for our law enforcement customers,” said Kevin J. Knopp, CEO and Co-founder of 908 Devices. “From fast, simple screening to trace-level analysis to detection of a broad range of substances, we offer a comprehensive solution for field-based chemical identification.” The purchase consideration includes an upfront payment of $15 million, consisting of $13 million in cash and $2 million of 908 Devices common stock. The purchase agreement also includes up to an additional $8 million in 908 Devices common stock upon the achievement of performance milestones over the next 20 months.