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Faro acquires GeoSLAM for £22.0m and stock
FARO® Acquires Mobile Scanning Market Leader, GeoSLAM™, a leading provider of mobile scanning solutions based on LiDAR.
Lake Mary, Florida, the first of September 2022 – 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, was announced by FARO® Technologies, Inc. (Nasdaq: FARO), a global leader in 4D digital reality solutions.
FARO® Technologies, Inc. is a publicly traded company with a ticker symbol of FARO. GeoSLAM was established in 2012, and it is anticipated that the incorporation of this company will greatly broaden and accelerate FARO's market growth opportunities in the mobile scanning arena.
During the fiscal year that ended on March 31, 2022, GeoSLAM generated revenue of £14.5 million and had an EBITDA margin of 18%.
The funding for the transaction came from available cash reserves as well as stock consideration, and the deal was finalized on September 1, 2022.
In accordance with the terms of the agreement, owners of GeoSLAM were given a cash payment in the amount of £22.0 million as well as 495,562 shares of FARO stock that are subject to the standard requirements for a lock-up period.
FARO forecasts that the purchase will contribute positively to non-GAAP earnings per share in the year 2023.
Advisors
GeoSLAM was advised by Deloitte’s Midlands Advisory Corporate Finance team, led by Darren Boocock, who said
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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