Belfast-based Andor Technology has bought Canadian firm Spectral Applied Research in a deal worth more than €8 million.
Andor, which develops and manufactures high performance scientific digital cameras for academic, industrial and government applications, acquired the entire issued share capital of Spectral for C$11.3 million in cash, with a further consideration of up to C$5 million payable under an earn-out provision if Spectral exceeds certain targets in the first three years.
The deal is expected to yield more than C$3.6 million of net assets as part of the acquisition.
Toronto-based Spectral designs and manufactures optical systems for cell biology research, and provides customised OEM solutions. It employs 32 people, who are all expected to stay with the company once the deal has been completed.
Andor chief executive Conor Walsh said the deal would enhance Andor’s position in the Systems business, providing the firm with access to Spectral’s patented product set, along with a highly experienced design team.
“We have already consolidated our research and development roadmaps and we see significant opportunities across both our Systems and OEM business. Spectral makes a fantastic addition to the wider Andor team and we are all excited about the new opportunities the combined business will bring,” he said.
