L Marks buys innovation specialist The Inovo Group
L Marks, a London-based innovation consulting firm, has acquired The Inovo Group, an Ann Arbor, MI-based innovation consulting firm.
Founded in 2001, Inovo leverages scientific research and advanced analytics to help technology-driven companies succeed at strategic innovation. The firm’s consultants work with clients to identify opportunities for long-term growth, experiment with new offerings and business models, and design and build innovation systems.
Inovo has a team of five people, according to LinkedIn, and works with companies in chemicals, industrial, transportation, energy, healthcare, food and agriculture, and IT. The consultancy has supported clients including Dow Chemical, Nestle Purina, and Honeywell.
L Marks’ acquisition of Inovo will cement the British firm’s North American footprint and expand its innovation capabilities, a company press release said. The acquired business will form the new Inovo Strategic Innovation unit at L Marks, helping clients apply new decision-making methodologies, transform business models, and expand into new offerings, markets, and channels.
"We're delighted to welcome The Inovo Group into the L Marks family,” Daniel Saunders, CEO of L Marks, said. “Combining Inovo's scientific expertise and twenty years of experience with our proven innovation capabilities will increase the value we can deliver to our corporate partners and cement our footprint in North America."
L Marks was founded in 2014 and provides corporate innovation solutions to clients across industries. Partners at the firm’s Innovation Lab have worked with over 400 startups, with a successful deployment rate of over 70%. The company also helps clients develop new revenue generating businesses and transform their corporate culture.
L Marks has 43 employees, according to LinkedIn, and has offices in London, Manchester, and New York. The firm’s clients include Lloyd’s of London, British Airways, BMW, American Electric Power, and GAF.
"We are extremely pleased that the efforts we've made to advance the art and science of innovation through client collaboration will expand with our acquisition by L Marks,” Larry Schmidt, cofounder of The Inovo Group, said. We are delighted to have found a strong partner to power the next phase of our innovation journey, a partner whose values and mission directly align with our own."
