Somerset-based LabVantage Solutions, Inc., the leading provider of laboratory informatics solutions and services, including purpose-built LIMS solutions that allow labs to go live faster and at a lower total cost, announced the appointment of Mikael Hagstroem as chief executive officer. Hagstroem brings LabVantage almost 30 years of experience as a pioneer and expert in digital transformation, helping global enterprises harness data and analytics to reimagine their business models, achieve better performance, and create a long-term sustainable advantage.
In his 25 years at the SAS Institute, Hagstroem helped build the analytics software powerhouse into a multibillion-dollar enterprise that is one of the world’s largest privately held software businesses. His client focus and success in consistently growing sales and profits resulted in assignments of increasing responsibility. He ultimately held the positions of Executive Vice President of SAS and President of SAS International, with P&L responsibility for more than half of total corporate revenues.
Hagstroem then became a partner at McKinsey & Company and chief operating officer of McKinsey Analytics, which helps companies create and scale new delivery models for analytics and artificial intelligence (AI). Most recently he was CEO and president at MetricStream, the world’s largest independent provider of governance, risk, and compliance products and solutions, where he led its transformation to a software as a service (SaaS) model, launched its Integrated Risk Management Platform, and championed integration of AI features into the platform.
A respected strategist and opinion leader in the fields of analytics, digital transformation and AI, Hagstroem is currently on the board of advisors of the AI Forum and has served as chair of the World Economic Forum’s Global Agenda Council on Data-Driven Development, as a member of the executive committee of the U.S. Council for International Business, and as an executive board member of the Atlantic Council. He is also an independent director of Planet Smart City, which integrates architectural, digital, and environmental solutions to deliver high-quality low-cost housing.
“Mikael embodies the sense of purpose and passion required to tackle big goals and the expertise to achieve them,” said Dr. Purnendu Chatterjee, chairman of LabVantage Solutions. “He is an accomplished business leader who has built innovative data-based enterprises across a range of industries. He is a visionary strategist who understands the transformational potential of advanced technologies and translates them into actionable business initiatives. An inspired leader, Mikael is committed to accelerating the use of new tools such as analytics and AI to address urgent global problems. We are thrilled to welcome him to LabVantage and excited at the prospect of what we can accomplish together.”
“LabVantage brings the Fourth Industrial Revolution−characterized as a range of new technologies that are fusing the physical, digital and biological worlds and impacting all disciplines, economies and industries−to the lab, and I am honored to take the helm,” said Hagstroem. “LabVantage is on the forefront of innovation, incorporating advanced technologies in easy-to-use solutions that are making the digital transformation of the laboratory a reality. The company has tremendous opportunities working at the intersection of the biological and digital revolutions, allowing us to help customers solve ever more complex problems and achieve disruptive growth. I look forward to working with the talented LabVantage team at this unique time when our future has never been brighter.”
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