Sensor Networks' comprehensive range of advanced solutions will complement and reaffirm Previan's leading position in the non-destructive testing sector.
Previan announces the acquisition of Sensor Networks, Inc (SNI), a leading provider of sensing tools and technologies that enable remote inspection and monitoring of safety-critical components with increased productivity. Following the transaction, SNI will officially become part of the Previan Group, with its NDT solutions powered by the Eddyfi Technologies business unit.
Specifically, all SNI personnel and technologies will be added to the Eddyfi Technologies portfolio. Eddyfi Technologies will be responsible for promoting the Sensor Networks brand in key industries where it is well established, including energy, power generation, aerospace, defense, rail transportation and manufacturing. Within Eddyfi Technologies, SNI's conventional and multi-element ultrasonic (UT) probes, permanently installed UT corrosion monitoring systems and remote visual inspection (RVI) instruments will be added to the range of solutions, completing the offering of high-performance NDT technologies.
"Sensor Networks is a fantastic complement to Previan. We're very similar in that we both value innovation and technological leadership, and base them on strong customer proximity and in-depth knowledge of the challenges facing critical infrastructures and assets worldwide. We are obviously delighted to add SNI solutions to our Eddyfi Technologies unit. In addition, SNI's high-end Previan expertise and the potential it should also add to NDT Global (NDTG) were determining factors in this transaction. NDTG is the technological expert in the field of in-line inspection (ILI). Enhancements to UT, PAUT and ART detection capabilities will further improve NDTG's overall solutions. All in all, I firmly believe that Previan is the ideal foundation for the next stage in SNI's life", says Martin Theriault, Previan's founder, CEO and Chairman of the Board.
Pierre-Hugues Allard, President of Eddyfi Technologies, comments: "The addition of Sensor Networks is excellent news that will benefit our respective customers. The use of the best UT and PAUT probes, combined with our advanced and renowned instruments and software, without relying on third-party suppliers, will lead to solutions tailored to the exact needs of our customers. I already expect that new innovative ideas, aimed at better identifying defects and providing integrity assessments, will emerge from the synergies created in the coming months, as the addition of UT probes to our portfolio will enable us to seize many new opportunities and accelerate the development of the next solutions we present to the industry."
Jeff Anderson, President and CEO of Sensor Networks, is delighted with the transaction. "We are very proud to join the Previan family! We've found the right partners to propel us to the next level. We have a very strong footprint in North America, and we have successfully met the challenges faced by our key customers. Within Eddyfi Technologies, we'll have the network and team we need to fuel our growth. What's more, this transaction is directly in line with what our co-founders, Jim Barshinger and Bruce Pellegrino, had in mind when they demonstrated leadership and innovation and modernized the way corrosion monitoring products were manufactured a decade ago. We feel that same spirit at Previan and Eddyfi Technologies, and it's a perfect fit," says Jeff Anderson.
Founded in 2014, Sensor Networks Inc. provides the tools to solve critical asset management challenges for safer, more profitable operations using standard and custom ultrasonic transducers, robotic visual tools and non-intrusive, remote corrosion monitoring in a variety of applications in the petrochemical, energy, power generation and aerospace industries. The company employs around 100 people and is headquartered in State College, Pennsylvania, with satellite offices in Houston, Hong Kong and Osaka.
Previan's long-standing investors CDPQ and Novacap are participating in this transaction.