AnaFocus, a Spanish company specializing in the design and development of CMOS image sensors, will be acquired by e2v for up to €34.2 million (£27.1 million).
As a developer for CMOS sensors and vision systems for industrial, professional, scientific, medical, and surveillance markets, AnaFocus will accelerate e2v’s CMOS development roadmap and deepen the company’s reach into the professional imaging markets, according to the press release. In 2013, e2v’s high performance imaging division grew by 26%, so the acquisition is expected to provide an additional boost to the company’s machine vision business, as AnaFocus sales last year were €5.6m. This year, AnaFocus is expected to generate sales of approximately €11 million.
Steve Blair, e2v technologies’ Group CEO, noted in the release that AnaFocus adds technology, people, and customers to the business, while strengthening its position in the overall market.
"The strength of the AnaFocus team, and the e2v worldwide sales and customer support channels they can now access, will help us to accelerate our opportunities in this fast-growing business," he said. "We see immediate opportunities to apply the technical capabilities of AnaFocus to provide enhanced offerings to our joint customers."
The initial purchase price of €29.2m (£23.2m) is made up of €26.5m cash for the business, and assumed net debt of €2.7m. AnaFocus management executives are staying with the business and can achieve an earn-out of up to €5m in cash, dependent on value generating "stretch" integration targets, including revenue growth. The transaction will be funded from e2v's existing resources, including its new £90m bank facility.
View the press release.
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