In a move that expands the company’s presence in machine vision, intelligent imaging in retail analytics, and overall visible spectrum camera solutions, FLIR Systems, Inc. has announced that it has reached a definitive asset purchase agreement to acquire the business ofPoint Grey Research, Inc. for approximately $253 million in cash.
Founded in 1997 and based in Richmond, BC, Canada; Point Grey is a global manufacturer of advanced visible imaging cameras and solutions deployed in applications such as industrial automation, medical diagnostic equipment, people counting systems, intelligent traffic systems, military and defense solutions, and advanced mapping systems. At VISION 2016 in Stuttgart, Point Grey will launch a new family of 10 GigE cameras and a new 20 MPixel camera.
The new 10 GigE cameras will feature the latest global shutter CMOS sensors, including the first model, which will be equipped with the 12.3 MPixel Sony Pregius IMX253, which supports 4K60 Ultra HD video. The 20 MPixel Blackfly S camera, meanwhile, will feature the Sony Exmor R IMX183 CMOS sensor, making it Point Grey’s highest resolution camera to date.
FLIR’s acquisition of Point Grey will augment the company’s existing OEM cores and components business by adding its portfolio of machine vision cameras and solutions. Additionally, FLIR’s thermal sensor technology will extend Point Grey’s product range into new application spaces. The business will become FLIR’s Integrated Imaging Solutions line of business operating within the OEM and Emerging segment.
"We’re excited to add the broad range of innovative products from Point Grey to FLIR as together we have a unique capability to create advanced sensing solutions for the broad machine vision market," said Andy Teich, President and CEO of FLIR. "Thermal imaging technology provides vision systems customers an alternative imaging spectrum that offers a rich, largely untapped layer of information that can be further leveraged."
He continued, "Point Grey’s global presence and credibility in industrial vision systems provides a strong platform for us to integrate our leading thermal technology. Point Grey is a proven, high-performing business with an impressive set of products, customers, processes, and people, all of which we see as being highly synergistic and strategically significant to FLIR. We welcome the Point Grey employees to FLIR and look forward to creating highly valuable solutions for a wide array of intelligent imaging applications."
The transaction is expected to be completed in the fourth quarter of 2016. FLIR anticipates that that business and related transaction costs will be approximately $0.01 dilutive to its 2016 earnings per share and accretive for 2017.
Learn more: search the Vision Systems Design Buyer's Guide for companies, new products, press releases, and videos