Indaba Capital Announces Sale of AST Revolution to Bruker

Indaba Capital Management, L.P. ("Indaba"), controlling shareholder of AST Revolution, LLC ("AST Revolution" or the "Company"), today announced the sale of AST Revolution to Bruker Corporation ("Bruker") (NASDAQ:BRKR, BRKRP)), a leading provider of advanced scientific instruments and analytical solutions for life sciences and materials research. Financial terms of the transaction were not disclosed.

The transaction follows AST Revolution's launch in August 2025 as an in vitro diagnostics company focused on developing next-generation rapid antimicrobial susceptibility testing (AST) solutions that improve patient outcomes and lower healthcare costs. AST Revolution was formed after the completion of a court-approved acquisition of select assets of Accelerate Diagnostics, Inc. ("Accelerate Diagnostics") under the Chapter 11 process, including the Accelerate Diagnostics WAVE™ and Arc™ systems and associated intellectual property portfolio.

With Indaba's support and continued funding in recent months, AST Revolution was able to drive product development while also establishing a dedicated platform to advance the WAVE™ and Arc™ systems, positioning the Company for leadership in rapid AST.

Derek Schrier, Founder and CIO of Indaba and Chairman of AST Revolution's Management Committee, said:

"The sale of AST Revolution to Bruker is a strong outcome that represents the culmination of a collaborative effort with AST Revolution to revitalize a differentiated diagnostic platform. Following the acquisition of Accelerate Diagnostics' intellectual property and the subsequent launch of AST Revolution earlier this year, we saw an opportunity to strengthen a valuable technology and moved quickly to build AST Revolution into a compelling standalone entity with the potential to become the leading solution in rapid AST. Throughout that process, we were impressed by how quickly our Chief Scientific Officer, Larry Mertz, brought his remarkable team together to further advance the WAVE™ technology, and we're incredibly grateful for his strong leadership and determination. Going forward, we are confident that Bruker will be the ideal long-term owner for AST Revolution and its next-generation AST technologies given its unique understanding of the Company's opportunity set."

Lawrence Mertz, Chief Scientific Officer of AST Revolution and Member of its Management Committee, said:

"From the day AST Revolution was formed, our team has had a shared mission to advance the WAVE™ and Arc™ systems to deliver rapid, actionable AST results that help clinicians make faster and better treatment decisions. We are grateful for the close support of Derek and Clint which allowed us to rebuild a focused organization around technologies with true clinical impacts. We're proud of the progress we've made together, and we are excited to see Bruker carry that mission forward and help us bring these transformative technologies to the clinicians and patients that need them most."

Clint Akarmann, Managing Director at Indaba and Member of AST Revolution's Management Committee, added:

"This transaction reflects the dedication of AST Revolution and the Indaba team, who worked together to manage the day-to-day work of launching the Company and advancing its technologies. From stabilizing operations to driving development, the focus and collaboration positioned AST Revolution for this important milestone. The sale to Bruker is a testament to that collective effort and represents meaningful progress toward bringing the WAVE™ system to the patients it is designed to serve while further positioning the business to become the leader in rapid AST."

About Indaba Capital Management, L.P.

Based in San Francisco, Indaba was founded in 2010 to invest in corporate equity and debt.

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Kate Sylvester / Kendall Heebink

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