Spectris to buy Vermont-based MicroStrain for $37.6m

19th Jun 2023 07:53

(Sharecast News) - Spectris said on Monday that it has agreed to buy Vermont-based MicroStrain for $37.6m (£29.4m).

MicroStrain is a developer of inertial and wireless sensing systems, serving the industrial and aerospace sensing systems market.

Spectris said 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. For the year to the end of June 2022, MicroStrain generated unaudited revenue of $15.4m.

It will be integrated into Spectris Dynamics, which has a long-established presence in high precision sensing solutions and where it will benefit from leveraging Spectris Dynamics' global sales and service network.

Spectris chief executive Andrew Heath said: "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.

"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. We look forward to welcoming the MicroStrain team and providing our customers with a wider portfolio of inertial sensing solutions, helping to enhance their products and development programmes."