(Alliance News) - Spectris PLC on Monday said it has agreed to buy MicroStrain Sensing Systems for GBP29.4 million.
Spectris is a London-based company providing high-tech instruments, test equipment and software for industrial applications.
Based in Vermont, MicroStrain is a leading developer of inertial and wireless sensing systems, serving the industrial and aerospace sensing systems market.
"The business has seen strong growth driven by increased demand from industrial automation and the development and adoption of new robotics, logistics, unmanned vehicles and mobility applications," Spectris said.
In the year ended June 2022, MicroStrain reported revenue of USD15.4 million.
Spectris said MicroStrain will be integrated into Spectris Dynamics, and will strengthen the divisions sensor offering. It will also improve the company's North American presence.
The transaction is subject to regulatory approval and is anticipated to close in the third quarter.
"Value enhancing M&A remains an important part of our compounding growth strategy. MicroStrain is an excellent addition to Spectris Dynamics, bringing complementary technology and strengthening our sensor offering, particularly in the fast-growing industrial and robotics markets," Chief Executive Andrew Heath.
"The acquisition will strengthen Spectris' position in the US aerospace, space and defence industries, and accelerate MicroStrain's revenue by leveraging Dynamics' global sales channels."
Spectris shares were 0.4% lower at 3,689.96 pence each on Monday morning in London.
By Sophie Rose, Alliance News reporter
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Spectris (SXS)