Novanta

The story of Novanta begins not with one company, but with the union of two: General Scanning Inc., founded in Massachusetts in 1968, and Lumonics, founded in Ontario, Canada, in 1970 by Alan Buchanan, Gordon Mauchel, and Alan Crawford. Both were pioneers in laser-based manufacturing systems. In 1999, these two firms merged to create GSI Lumonics, forming the largest publicly traded company in the industrial laser systems industry. The subsequent decade was a period of acquisitions and divestitures, as GSI Lumonics shifted its focus from complete laser systems to providing components for original equipment manufacturers (OEMs). However, the journey was not without turbulence. The company faced significant financial challenges, leading to a Chapter 11 filing. It emerged in 2010 with a new board and a new CEO, John Roush, who initiated a critical transformation. Under new leadership, the company, then known as GSI Group, pivoted its strategy to prioritize long-term growth and aggressively pursue acquisitions in the medical technology market. This strategic shift was a turning point. By 2016, with a significant portion of its revenue coming from medical sales, the company rebranded to Novanta Inc. to reflect its new direction and future vision. The name change signaled a successful turnaround and a new focus on providing core technology solutions in precision medicine and advanced industrial markets.