UK – Faro Technologies, Inc. (Nasdaq: FARO), a Lake Mary, FL-based global leader in 4D digital reality solutions, acquired GeoSLAM, a UK-based provider of mobile scanning solutions with proprietary high-productivity simultaneous localization and mapping (SLAM) software to create 3D models for use in Digital Twin applications.
Under terms of the agreement, GeoSLAM shareholders received a cash payment of £22.0m and 495,562 shares of Faro stock that is subject to customary lock-up provisions. Faro expects the acquisition to be accretive to Non-GAAP EPS in 2023.The addition of GeoSLAM is expected to expand and accelerate Faro’s market growth opportunity in the mobile scanning space.Founded in 2012 and led by Andy Parr, CEO, GeoSLAM provides solutions to capture and connect geospatial data from some of the most difficult environments, whether they are indoor, outdoors, underground – everywhere. By leveraging 3D SLAM (Simultaneous Localization And Mapping) technology, the GeoSLAM family of geospatial hardware and software solutions provide rapid and easy mapping, and highly-accurate monitoring solutions. The company’s technology is used globally by anyone needing to create a digital twin of their world, quickly and accurately. Some of the most recognisable locations scanned by GeoSLAM technology include the Sydney Opera House, Lincoln Memorial and Arc du Triomphe.The company reported £14.5 million in revenue with 18% EBITDA in the fiscal year ending March 31, 2022. Led by Michael Burger, President and CEO, Faro now offers a broad set of 4D data capture solutions, including 360° camera-based images, mobile and stationary high-accuracy laser scanning, allowing customers to balance the need for accuracy, speed and detail depending on their requirements. The company serves the AEC, O&M (Facility Operations & Maintenance), 3D Metrology, and Public Safety Analytics markets.02/09/2022
