FluxData acquired by U.K. firm
FluxData Inc. has been acquired by Halma PLC, a United Kingdom-based safety, health and environmental safety group.
The deal is expected to nearly double the local workforce, company leaders said. FluxData employs 21 people and expects to add another 18 locally and two more in China as a result of the acquisition, FluxData president Pano Spiliotis said.
Halma, a leading safety, health and environmental technology group, announced the acquisition of FluxData from private shareholders.
FluxData, based in New York State, USA, designs and manufactures advanced multispectral and digital imaging systems across multiple sectors including industrial and medical applications.
The cash consideration is $12.0 million (£9.8 million) and is adjustable, US$ 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) 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, commented:
“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.”
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