
Rand Capital Corp. sold off its securities in Innov-X Systems Inc., a result of Innov-X’s acquisition by Waltham, Mass.-based Olympus NDT Corp.
Buffalo, N.Y.-based Rand first financed Innov-X in 2004 and made three additional investments in the company in the form of debt and equity through 2009, the firm said in a press release.
Rand estimates that the sale could generate as much as $5.6 million, according to the release.
Olympus NDT purchased Innov-X July 1, saying it plans to make it a subsidiary of Olympus NDT-owner Olympus Corp. of Tokyo.
The Woburn, Mass.-based company develops and manufactures X-ray fluorescence analyzers for determining the elemental make-up of substances.