In the mid-1980s, when Raymond Kralovic was a microbiologist working for Amsco International, he came up with a low-temperature, liquid sterilization process. He spent two years trying to sell Amsco management on the idea, to no avail, until (as corporate legend has it) he was asked to leave the annual picnic – and the company. Kralovic took his idea and co-founded Innovative Medical Technologies Corp. After a successful initial funding round, IMT was re-named Steris in 1987 and went on to amass significant holdings in the sterilization space – not to mention market share, in large part thanks to its blockbuster acquisition of Amsco International in 1996.