Swedish technology group Hexagon AB (SWX: HEXN) has acquired Israeli industrial device start-up CogniTens Ltd.. The two companies did not disclose the value of the acquisition, although sources inform ''Globes'' that it was less than $100 million.
CogniTens was founded in 1995 and, according to IVC Online, it has raised a total of $39 million from Pitango Venture Capital, Vertex Venture Capital, Walden Israel, Israel Infinity Venture Capital, Morgan Stanley, and others.
CogniTens provides manufacturers with measurement tools based on 3D optical technology. The company's dimensional measurement solutions are especially designed for use in demanding engineering and shop floor environments of automotive and other manufacturing industries. CogniTens is headquartered in Israel and employs about 50 people, with sales in the US and Japan. The company's sales for 2007 are likely to reach around $8 million and are expected to grow in double digits in the following years.
Hexagon president and CEO Ola Rolen said, "The acquisition of CogniTens gives Hexagon a new technology in the high speed, non contact, shop floor measurement and scanning segment of the metrology market."
CogniTens president and CEO Ofer Sandelson added, "We are excited to join the world's premier metrology group and believe our customers will benefit from combining CogniTens technology and products with Hexagon's ability to deliver solution offerings on a global scale."
Hexagon is a global technology group with around 8,200 employees in 30 countries and net sales of about $2 billion for 2006.
Published by Globes [online], Israel business news - www.globes.co.il - on September 4, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007