L Marks acquires US strategic innovation consulting firm, The Inovo Group
September 28, 2022
London, UK | Ann Arbor, MI
Corporate innovation specialist L Marks, founded in the UK with established operations in both the UK and US, has cemented its North American footprint and expanded its innovation capabilities through the acquisition of The Inovo Group, an innovation consulting firm with over 20 years of helping technology-driven companies succeed at strategic innovation.
L Marks, a global trusted partner in corporate innovation, today announced its acquisition of The Inovo Group (Inovo) to expand its innovation capabilities and cement its North American footprint. Founded in the UK in 2014, L Marks has built a reputation as one of the world’s most trusted innovation partners, developing and delivering results-driven corporate innovation solutions for leading organizations. These successful innovation initiatives have seen L Marks operating across Europe, the United States, Japan and Israel.
L Marks has worked with some of the world’s best-known brands including Lloyd’s of London, British Airways, and BMW. It is the UK’s largest operator of corporate innovation labs. In the United States, L Marks teams have developed and deployed innovative solutions from New York to North Carolina and from Ohio to Texas, with leading organizations including GAF, American Electric Power and Sodexo.
Inovo was founded in 2001 when the modern practice of corporate innovation was in its infancy. Over the past twenty years, Inovo has been at the forefront of the innovation movement, developing innovation processes, methods, and tools used to drive innovation at many of the most successful companies in the U.S. including Dow Chemical, Nestle Purina, Blue Cross Blue Shield (HCSC) and Honeywell.
The L Marks innovation portfolio leverages the global startup and innovation ecosystem to address business opportunities within their Innovation Labs and creates new market-validated and revenue-generating businesses through its Venture Studio. The acquisition of Inovo will expand L Marks’ capabilities toward the “front-end” of innovation and embed 20 years of expertise in strategic innovation consulting.
It was through L Marks and Inovo working together on joint innovation initiatives over the past two years that highlighted the shared values that exist between the two organizations and the complementary nature of their offerings.
Daniel Saunders, CEO, L Marks said:
“We’re delighted to welcome The Inovo Group into the L Marks family. 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. As a company that highly values and champions the importance of collaboration, we have felt the benefit of working with Inovo over the past few years and we are excited to be a part of the future of innovation as our two companies come together.”
Dr. Larry Schmitt, Co-Founder, The Inovo Group said:
“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. 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. It has been a tremendous journey and we are incredibly grateful to everyone who has contributed and supported us along the way. The journey has only just begun!”
The new Inovo Strategic Innovation unit at L Marks will guide corporate partners through the proven Inovo innovation process to identify and pursue opportunities, gain new competencies, apply new decision-making methodologies, transform business models, and push organizations beyond their core offerings, markets and channels.
The existing Inovo team will now join L Marks, and remain based in Ann Arbor, Michigan. In addition, L Marks will be launching a recruitment drive to build the new Inovo Strategic Innovation team in the US at its existing offices in New York and the Midwest. This team will lead the new business unit globally.
The combined company, now with a complete suite of proven innovation offerings, will deliver increased value to its corporate partners, both old and new, in Europe and across North America.