Oxford Metrics acquires Oxfordshire-based software firm

1st Nov 2023 10:41

(Sharecast News) - Software firm Oxford Metrics has agreed to acquire machine vision software and technology business Industrial Vision Systems for £8.1m.

Oxford Metrics said the addition of IVS was a "good strategic fit", adding "new niche market strength in smart manufacturing" and brings "specialised machine learning technology for automated quality control".

The AIM-listed group said the acquisition of IVS, based in Oxfordshire, would be funded with existing cash resources and new ordinary shares.

Chief executive Imogen Moorhouse said: "Today's announcement strengthens our sense, analyse and apply strategy. Through its cutting-edge machine vision solutions, IVS replaces traditional inspection methods with smart sensing. This results in faster, more reliable, and highly accurate results, providing well-known brands with the latest machine vision automation.

"I am delighted to welcome IVS to Oxford Metrics. With more and more manufacturers demanding this innovation to revolutionise processes, ensure quality products and provide more efficient, error-proof production, we are excited about the opportunity ahead to extend into yet more applications and industries as inspection automation becomes more mainstream and smart manufacturing becomes the standard."

As of 1040 GMT, Oxford Metrics shares were up 4.10% at 90.05p.

Reporting by Iain Gilbert at Sharecast.com