—Enables Fast, High Accuracy 3D Model
Generation within FARO's 4D Digital Reality Offering—
LAKE
MARY, Fla., Sept. 1,
2022 /PRNewswire/ -- FARO® Technologies,
Inc. (Nasdaq: FARO), a global leader in 4D digital reality
solutions, today announced the acquisition of UK-based GeoSLAM, a
leading 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.
Founded in 2012, the addition of GeoSLAM is expected to
significantly expand and accelerate FARO's market growth
opportunity in the mobile scanning space.
"We are thrilled to add GeoSLAM's handheld 3D scanning
technology to our portfolio of cutting-edge data capture
solutions," said Michael Burger,
FARO President and CEO. "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,"
added Andy Parr, GeoSLAM CEO. "Both
companies share a vision of the importance of mobile scanning in
the burgeoning digital reality capture market."
GeoSLAM reported £14.5 million in revenue with 18% EBITDA in the
fiscal year ending March 31, 2022.
EBITDA, a non-GAAP measure, is calculated as net income/loss before
interest (income) expense, net, income tax expense (benefit),
foreign exchange rate variance, and depreciation and amortization.
The transaction closed on September 1,
2022, funded with available cash reserves and equity
consideration.
Under terms of the agreement, GeoSLAM shareholders received a
cash payment of £22.0 million 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.
About FARO
FARO serves the AEC, O&M (Facility
Operations & Maintenance), 3D Metrology, and Public Safety
Analytics markets. For over 40 years, FARO has provided
industry-leading technology solutions that enable customers to
digitize their world and use that data to make smarter decisions
faster. FARO continues to be a pioneer in bridging the digital and
physical worlds through data-driven accuracy, precision, and
immediacy. For more information, visit FARO.com.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995
This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 that are subject to risks
and uncertainties, such as statements about the accretive value of
the acquisition, FARO's strategic and product prospects, and FARO's
growth potential and profitability. Statements that are not
historical facts or that describe FARO's plans, objectives,
projections, expectations, assumptions, strategies, or goals are
forward-looking statements. In addition, words such as "is,"
"will," "intend," "believe," "expect," "may," "could" or "should,"
and similar expressions or discussions of FARO's plans or other
intentions identify forward-looking statements. Forward-looking
statements are not guarantees of future performance and are subject
to various known and unknown risks, uncertainties, and other
factors that may cause actual results, performances, or
achievements to differ materially from future results,
performances, or achievements expressed or implied by such
forward-looking statements. Consequently, undue reliance should not
be placed on these forward-looking statements. Factors that could
cause actual results to differ materially from what is expressed or
forecasted in such forward-looking statements include, but are not
limited to: the Company's ability to realize the intended benefits
of this acquisition and to improve operational effectiveness; the
Company's ability to successfully execute its acquisition and
strategic plan; the Company's ability to maintain its technological
advantage by developing new products and enhancing its existing
products; the effect of the COVID-19 pandemic, including on the
Company's business operations, as well as its impact on general
economic and financial market conditions; the impact of
fluctuations in foreign exchange rates; and other risks detailed in
Part I, Item 1A. Risk Factors in the Company's Annual Report on
Form 10-K for the year ended December 31,
2021 filed with the SEC on February
16, 2022 and in its Quarterly Report on Form 10-Q for the
quarter ended June 30, 2022 filed
with the SEC on August 3, 2022.
Forward-looking statements in this release represent the Company's
judgment as of the date of this release. The Company undertakes no
obligation to update publicly any forward-looking statements,
whether as a result of new information, future events, or
otherwise, unless otherwise required by law.
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SOURCE FARO