WALTHAM, Mass. - Revvity, Inc. (NYSE: RVTY), a provider of health science solutions, has initiated legal action against Cloud Software Group (CSG), alleging breach of contract and interference in customer relationships. The complaint, filed in Massachusetts Superior Court, accuses CSG of failing to fulfill its obligations as a strategic partner for Revvity's TIBCO Spotfire® software.
The dispute centers on CSG's alleged violation of its strategic partnership agreement with Revvity, including direct contact with Revvity's customers and marketing the Spotfire products within Revvity's exclusive markets. Revvity has been the sole provider of Spotfire to the research and clinical markets for over a decade.
Kevin Willoe, SVP and general manager at Revvity Signals Software, stated that the company is taking necessary actions to enforce its rights and CSG's obligations, emphasizing their commitment to customer service during the legal proceedings. Willoe expressed confidence in Revvity's position in the matter.
Despite the ongoing legal challenge, Revvity has reaffirmed its financial outlook for the full year of 2024, projecting total revenue between $2.79 and $2.85 billion and adjusted earnings per share ranging from $4.55 to $4.75. This guidance was initially communicated on February 1, 2024.
Revvity, a company with a revenue of more than $2.7 billion in 2023 and a workforce of over 11,000 employees, operates in the healthcare sector, offering technologies and services that span the full spectrum of the health science field. The company's global reach extends to over 190 countries, and it is a constituent of the S&P 500 index.
The legal battle with CSG represents a significant development for Revvity as it seeks to defend its market position and maintain its commitments to its customers. This report is based on a press release statement from Revvity.
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