Andor Technology Plc Acquires Apogee Imaging Systems Inc.
Andor Technology plc (AND.L, "Andor" or "the Company"), a global leader in the development and manufacture of high performance scientific digital cameras for academic, industrial and government applications, is pleased to announce that it has acquired the entire issued share capital of Apogee Imaging Systems Inc. for a consideration of US $3.75 million in cash (GBP £2.32 million). Further consideration, to a maximum value of US $0.34 million (GBP £0.21 million) in cash, may be payable under certain performance criteria. It is expected that Andor will receive in excess of US $0.7 million (GBP £0.4 million) of net assets as part of the acquisition.
Apogee is based in California, USA and has been manufacturing and supplying cooled CCD cameras to government laboratories, astronomers and instrumentation manufacturers around the world since it was founded in 1993. Apogee's Alta® camera series is designed to offer a broad range of sensor options and is particularly attractive to both the Astronomy community and as an OEM solution in the Life Science instrumentation market. The new Aspen® and Ascent® cameras further extends the Apogee portfolio providing higher performance and better affordability. This combined portfolio will significantly enlarge Andor's current mid-range camera offering.
The company employs 19 staff, including the original founders, who will remain with the business following completion. We expect the business to deliver revenue in the first year of Andor ownership of $4.5m (GBP £2.79 million) and to be modestly profitable as we build the global brand and extract synergies. Thereafter, margins will increase to levels similar to the rest of the Andor business.
Commenting on the acquisition, Conor Walsh, Chief Executive of Andor said:
"I am pleased to announce the acquisition of Apogee. This is a strategic acquisition for Andor, as it significantly broadens our mid-range camera offering. The Apogee portfolio allows us to leverage our existing OEM customer base and our global distributor network, both of which currently source these products elsewhere. I am delighted to welcome the Apogee team to Andor, building on our recent acquisition of Spectral Applied Research. We are confident both businesses will contribute positively to the expanded Andor group."