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FARO TECHNOLOGIES, INC.

(FARO)
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FARO Technologies : ® Acquires ATS AB

08/24/2020 | 05:02am EDT

Swedish Firm's Solution Enables Strategic Acceleration in 3D Digital Twin Market

Lake Mary, FL - FARO Technologies, Inc. (NASDAQ: FARO), a global leader for 3D measurement, imaging and realization solutions for 3D Metrology, AEC (Architecture, Engineering & Construction), and Public Safety Analytics, today announced that the Company has acquired Advanced Technical Solutions in Scandinavia AB ("ATS"), a Swedish-based leader in 3D digital twin solution technology.

Founded in 1990, ATS has had particular success in the automotive space where the firm has agreements in place with several well-known global automotive manufacturers. The acquisition will integrate ATS software and proprietary Traceable 3D system, which enables highly accurate and repeatable 3D scans, into the FARO Webshare Cloud platform. ATS' system connects the physical to the digital world and is expected to bolster FARO's ability to improve customers' time to decision with 10x faster 3D imaging at up to 1mm accuracy.

"We believe this acquisition enables FARO with differentiated accuracy and speed, which we believe will accelerate the adoption of digital twin technology. High accuracy 3D digital twin simulations allow capital intensive industries such as automotive and aerospace to meaningfully reduce their time to market and cost," said Michael Burger, FARO President & CEO. "I welcome the ATS team into FARO and believe they will help accelerate our strategic objective of increasing cloud based subscription offerings in this sizable market."

Göran L. Bergqvist, ATS CEO, added, "The ATS team is thrilled to join a 40-year global leader like FARO. FARO's technology and market presence provides the spring-board to the market adoption of Traceable 3D." Bergqvist, who co-founded ATS, will continue to lead the ATS operation. The ATS Swedish facility will also act as a Nordic sales and service center for FARO.

Media Contact: mark.benhard@faro.com or 407-333-9911 x1269.

.

(C) 2020 M2 COMMUNICATIONS, source M2 PressWIRE

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Financials (USD)
Sales 2021 345 M - -
Net income 2021 -0,26 M - -
Net cash 2021 151 M - -
P/E ratio 2021 579x
Yield 2021 -
Capitalization 1 229 M 1 229 M -
EV / Sales 2021 3,12x
EV / Sales 2022 2,63x
Nbr of Employees 1 364
Free-Float 92,2%
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Number of Analysts 4
Last Close Price 67,61 $
Average target price 91,67 $
Spread / Average Target 35,6%
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Managers and Directors
Michael D. Burger President, Chief Executive Officer & Director
Allen Louis Muhich Chief Financial Officer
John Donofrio Independent Chairman
Ann Hewitt Chief Information Officer
Jason Pollock Vice President-Global Operations
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