Datalogic S.p.A. announces the acquisition, through a US subsidiary, of PPT Vision, a U.S. company which has been present in the machine vision market for nearly 30 years.
PPT Vision develops, produces and markets products and solutions based on smart camera, as well as industrial multi-camera vision systems used in quality control and inspection in the manufacturing industry (machine vision).
Mauro Sacchetto, Datalogic Group CEO, made the following comments concerning the acquisition:
“After our recent agreement for the acquisition of Accu-Sort Systems, which will allow us to double our presence in the field of Industrial Automation, Datalogic continues to seize every opportunity for growth and innovation. In line with the strategy already announced, the acquisition of PPT Vision further strengthens our leadership, providing us with cutting edge technologies which are unique in the field of “machine vision”. In particular, these include a wide range of smart cameras and vision systems which, thanks to original software libraries with sophisticated algorithms and drag&drop configuration tools, allow for the development of highly complex vision applications in a flexible, modular and intuitive way. This technology is compatible with all our industrial business lines which will soon benefit from it. Thanks to this acquisition, Datalogic continues to develop its commercial offers according to new business proposition: not only products, but also solutions and the creation of additional value for our clients, further consolidating its partnership and intimacy.”
Founded in 1982 and with headquarters in Minneapolis, Minnesota, PPT Vision, Inc. is one of the pioneers in the vision market with over 25,000 installed systems worldwide. The company employs about 30 people, has one R&D center where 4 exclusive patents have been developed, and two application development and support centers, one of which is located in Europe.
PPT has a wide range of vision systems based on a modular and scalable hardware platform, with different resolution sensors, both black & white and color based, and a wide range of lighting systems and accessories.
It offers an original software for the development of applications, which includes libraries with vision algorithms and development tools and a platform for the configuration of user interface, reporting and connectivity.
The acquisition of PPT Vision has a great strategic value for Datalogic, allowing it to expand its presence in the vision market and particularly in the market of smart cameras and multi-camera systems, covering a wide range of applications, with various levels of complexity and functionality.
Vision technology is experiencing a strong evolution thanks to its high performance characteristics, competitive costs, reliability, applicability and ease of use, and is becoming one of the most pervasive technologies in all the sectors in which Datalogic is present: sensors, safety, measurement, as well as inspection and identification (in the Manufacturing, T&L and Retail sectors).
The vision market is broad and offers interesting growth prospects: in 2010 the global market was estimated to have a value of approximately 3.7 billion USD (Source: AIA), with a growth of 11% compared to the previous year.
The acquisition of patents and expertise in the field of vision technology, complementing those already existing and developed by Evolution Robotics Retail subsidiary for the retail market, further strengthen Datalogic’s position in the market of machine vision.
Value of the transaction
The value of the transaction is equal to 5.2 million USD and the acquisition has been financed with existing internal resources.
PPT Vision generated approximately 6 million USD in revenue with an EBIT and a substantially balanced net income (both equal to -0.3 million USD). The company does not have any financial indebtedness.
A significant portion of the value of PPT Vision is represented by intangible assets such as patents, trade secrets, copyrights and other intellectual property rights, and a large and consolidated customers’ and sales partners’ portfolio.
PPT Vision holds four patents and two patent applications filed with the United States Patent and Trademark Office.
Tamburi Investment Partners acted as financial advisor for the transaction.
Closing of the Transaction
In connection with the acquisition, Datalogic will pay USD 0.13 per share to current shareholders of PPT Vision.
The closing of the transaction is expected to occur in December 2011, after PPT shareholders approval.
December 1, 2011