US firm swoops for Nottingham 3D imaging specialist
GeoSLAM, the Nottingham provider of mobile 3D scanning solutions, has been sold to FARO® Technologies, the Nasdaq-listed company based in Florida, for an undisclosed sum.
GeoSLAM turned over £14.5m 18% EBITDA in the financial year ending March 31.
Graham Hunter, founder and former CEO of GeoSLAM said: “Back in 2013, we took mobile mapping using SLAM to market, and the company has stayed at the forefront of LiDAR technology ever since, driven by a highly motivated and skilled team. I am incredibly proud of GeoSLAM, look forward to seeing the business and people continue to flourish in partnership with FARO Technologies.”
Michael Burger, FARO President and CEO, added: “FARO now offers the industry’s broadest set of 4D data capture solutions, including 3600 camera-based images, mobile scanning and stationary high-accuracy laser scanning, allowing customers to balance the need for accuracy, speed and detail depending on their requirements. These capture technologies provide the foundation for our 4D digital reality-based SaaS offering that will allow customers to access multiple 4D data sources for visualization and analysis through a single user experience. We welcome the GeoSLAM team to our FARO family.”
“Joining with FARO represents the next step in the growth of GeoSLAM and the establishment of mobile mapping as a driver for growth in the way businesses map and understand their spaces,” said Andy Parr, GeoSLAM CEO. “Both companies share a vision of the importance of mobile scanning in the burgeoning digital reality capture market.”
GeoSLAM was advised by Deloitte’s Midlands advisory corporate finance team, led by Darren Boocock, who said: “This is a fantastic result for all concerned. It also demonstrates the continued interest in leading UK technology companies. GeoSLAM is a real Midlands success story. It has developed a range of market leading solutions for global markets and has a fantastic pipeline of new products and will benefit from being part of FARO. We wish Andy Parr and the rest of the GeoSLAM team continued success.”
Addleshaw Goddard provided legal advice to GeoSLAM, led by Richard Hunt, whilst financial and tax due diligence was provided by Grant Thornton, led by Paul Kithoray and Alex Hyde.
