Multispectral imaging company FluxData acquired by Halma
Safety, health, and environmental technology group Halma has acquired FluxData from private shareholders.
Safety, health, and environmental technology group Halma has acquired FluxData Incorporated (Rochester, NY) from private shareholders. FluxData designs and manufactures advanced multispectral and digital imaging systems across multiple sectors including industrial and medical applications.
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The cash consideration is $12.0 million (£9.8 million pounds) and is adjustable, US$ for US$, if the net assets are more or less than a pre-determined amount (the adjustment is not expected to be material). Further contingent consideration of up to $15.5 million (£12.6 million pounds) may be payable based on performance to 31 March 2019. The acquisition, which is expected to be immediately earnings enhancing, was funded from Halma’s existing cash and debt facilities.
Unaudited accounts for the year ended 31 December 2016 reported revenue of $5.2 million (£4.2 million). FluxData will become part of Halma's Environmental & Analysis sector. Existing management will remain in place.
Andrew Williams, Halma's chief executive, said, "FluxData's strength in developing complete multispectral imaging (MSI) systems, including software and data analysis, builds on the MSI capabilities that already exist within our Environmental & Analysis sector. The value of this acquisition will come not only from enhancing FluxData's ability to service existing customers but also from the opportunity to access new sectors and geographies through Halma’s strengths in safety, medical and environmental markets globally."
Halma is the parent company of SphereOptics, Avo Photonics, Fiberguide Industries, Labsphere, and Ocean Optics.
SOURCE: FluxData; http://www.fluxdata.com/news/halma-acquires-fluxdata