Deloitte advises on GeoSLAM acquisition

Added by Love Business East Midlands | 3 September 2022

UPDATED: 7 September 2022

FARO^® Technologies, Inc. (Nasdaq: FARO), a global leader in 4D digital reality solutions, today announced the acquisition of Nottingham, 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. 

Graham Hunter, founder and former CEO of GeoSLAM says

“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.” 

“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 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.” 

GeoSLAM reported £14.5 million in revenue with 18% EBITDA in the fiscal year ending March 31, 2022. The transaction closed on September 1, 2022, funded with available cash reserves and equity consideration. FARO expects the acquisition to be accretive to Non-GAAP EPS in 2023. 

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. 

 

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