CyberOptics Buys Mpls-Based 3D Scanning Co. For $3M
CyberOptics Corporation announced Tuesday that it will acquire a Minneapolis-based “3D metrology” company for approximately $3 million in cash.
With approximately $6 million in annual revenue, Laser Design, Inc., manufactures 3D laser scanning systems primarily for use in the industrial markets, and its clients include Fortune 100 companies such as Samsung, HP, and Toyota.
Golden Valley-based CyberOptics said that the acquisition of Laser Design’s assets will assist its own efforts to reposition itself within the 3D sensor technology market.
“Global demand for 3D scanning is growing rapidly as this technology is deployed increasingly in markets ranging from automotive and aerospace to medical and consumer electronics,” Subodh Kulkarni, CyberOptics’ executive chairman, said in a statement. “By expanding our reach into a new range of diverse markets, we believe Laser Design will strengthen CyberOptics’ long-term prospects.”
Kulkarni added that Laser Design’s manufacturing resources will leverage CyberOptics’ own 3D sensor technology that it is developing in-house.
The transaction is expected to close in February, pending approval by Laser Design’s shareholders. Laser Design will initially operate as a wholly owned subsidiary. CyberOptics CFO Jeffrey Bertelsen told Twin Cities Business that his company plans to retain Laser Design’s 25 employees and that Laser Design will also retain its name.
Founded in 1984, CyberOptics provides sensors and inspection systems for the global electronic assembly and semiconductor capital equipment markets. It employs approximately 170 and maintains facilities in North America, Asia, and Europe.
CyberOptics reported 2012 revenue of approximately $43 million—a 32 percent decrease from the prior year. The company said Monday that it expects fourth-quarter 2013 financial results to exceed previously issued estimates—$8.2 million to $8.6 million compared with $7 million to $8 million. Sales for the same quarter in 2012 totaled $5.8 million.