Faro Technologies, Inc. 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 location 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.
" Ne are delighted to add GeoSlam's portable 3D scanning technology to our portfolio of state-of-the-art data capture solutions. " said Michael Burger, President and CEO of FARO. Faro now offers the industry's broadest range of 4D data capture solutions, including 360° camera-based imagery, mobile scanning and stationary high-precision laser scanning, enabling customers to balance the need for accuracy, speed and detail to suit their requirements. These capture technologies form the basis of our 4D digital reality-based SaaS offering, which will enable customers to access multiple sources of 4D data for visualization and analysis through a single user experience. We welcome the GeoSlam team to the Faro family" .
"The association with Faro represents the next step in GeoSlam's growth and the establishment of mobile mapping as a growth driver in the way businesses map and understand their spaces," added Andy Parr, CEO of GeoSlam." Both companies share the same vision of the importance of mobile digitization in the burgeoning digital reality capture market."
GeoSlam reported sales of £14.5 million with an Ebitda of 18% in the fiscal year ending March 31, 2022. Ebitda, a non-GAAP measure, is calculated as net income/loss before interest (income), income tax expense (income), exchange rate fluctuations and depreciation and amortization. The transaction was completed on September 1, 2022, financed by available cash reserves and share consideration.
Under the terms of the agreement, GeoSlam shareholders received a cash payment of £22.0 million and 495,562 Faro shares, which are subject to the usual lock-up provisions. Faro expects the acquisition to be accretive to non-GAAP EPS in 2023.