OXFORD METRICS PLC ("Oxford Metrics", or the “Group”)
Acquisition of
- Extending smart sensing capabilities through M&A
- Brings specialised machine learning technology for automated quality control
- Good strategic fit adding new niche market strength in smart manufacturing
Based in Oxfordshire, IVS’ innovative machine vision systems are used globally in automated production processes for high precision quality control, inspection, guidance, identification, measurement, tracking and counting. Its highly accurate, non-contact vision systems provide well-known brands with quality control which ultimately lowers costs, improves brand reputation, competitiveness and increases safety.
“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.”
Co-founders
Acquisition Highlights
- A good strategic fit - meeting our acquisition criteria: the acquisition adds IP rich, hard-to-replicate vision software and machine technology, with over 23 years of experience in smart vision technology.
- Bringing specialised machine learning AI technology: artificial intelligence deep learning vision systems spot patterns and anomalies in real-time manufacturing quality control, ensuring precise and repeatable solutions that continuously learn based on image data.
- New niche market strength enabling smart manufacturing in a wide variety of use cases: replacing the need for human inspection with more reliable, highly accurate inspection results, smart sensing is enabling smart manufacturing including static, non-contact inspections for contact lenses, pharmaceutical and automotive production, and production quality, and is playing an important role detecting and verifying errors, defects, contaminants and other irregularities.
- An impressive client roster, trusted by blue-chip manufacturing companies: adding new customers from highly regulated markets, including medical device and pharmaceutical manufacturers, leveraging our heritage in the Life Sciences market.
- An able management team established and led by founders:
Earl Yardley andAndrew Waller will continue to lead the business following the acquisition. - Expanding market opportunities in smart sensing: by leveraging the Group’s platform, IVS will have the access, expertise and resources to scale. There are clear opportunities to expand its geographic footprint and grow its IP-rich static technology offering with prospects to benefit from Vicon’s dynamic sensing.
- Attractive financial profile: The business has a profitable track record over the past five years, driven by an average annual growth rate in revenues of 6%. In the year ended 28th
February 2023 the business reported unaudited revenues of £3.4m and an EBIT of £0.8m. Trading over the past six months is consistent with delivering a further improvement in performance. The acquisition is expected to be immediately EPS enhancing.
Transaction structure and issue of shares
The acquisition consideration is £8.1m and is subject to customary adjustments for working capital, cash and debt-like items. The consideration is to be funded in cash from existing resources and the issue of 1,006,859 new Oxford Metrics ordinary shares calculated based on the average closing price over the 30-day trading period between 15th
Following the issue and allotment of these new ordinary shares as described above, the Company will have 131,427,135 ordinary shares in issue. No shares are held in treasury.
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon this announcement's publication, this inside information is now considered in the public domain.
For further information please contact:
| Oxford Metrics | +44 (0)1865 261860 |
| Deutsche Numis | +44 (0)20 7260 1000 |
| FTI Consulting | +44 (0)20 3727 1000 |
Further information on Industrial Vision Systems – bringing smart sensing to smart manufacturing
IVS’ innovative machine vision systems are used globally in automated production processes for high precision quality control, inspection, guidance, identification, measurement, tracking and counting. Its highly accurate, non-contact vision systems provide well-known brands with quality control which ultimately lowers costs, improves brand reputation, competitiveness and increases safety. Founded in 2000 and located at the Harwell Science and Innovation Campus - Oxfordshire.
Based on the very latest digital camera technology with embedded software, its cost effective, easy to set up vision systems enable rapid integration and standardisation through seamless factory automation. IVS invests in long-term partnerships with its customers, supplying comprehensive support packages with its deployed smart systems including customer service, technical support, and training packages. It is trusted by blue-chip manufacturing companies across the globe including BD, DePuy, Jaguar Land Rover, Johnson & Johnson, Zytronic and Alkegen.
Manufacturers today are increasingly turning to smart sensing machine vision technology to ensure “right first time” products, to automate complex or mundane visual inspection tasks. The Group sees opportunities for applications to be used across even more use cases and industries than today, which currently span: medical; orthopaedics; pharmaceutical; automotive inspection for mass production; electronics and food packaging.
The majority of IVS revenue today is derived from
IVS is a member of the
About Oxford Metrics
Oxford Metrics develops software that enables the interface between the real world and its virtual twin. Our smart sensing software helps over 10,000 customers in more than 70 countries, including all of the world’s top 10 games companies and all of the top 20 universities worldwide. Founded in 1984, we started our journey in healthcare, expanded into entertainment, winning an OSCAR® and an Emmy®, then moved into defence and engineering. We have a track record of creating value by incubating, growing and then augmenting through acquisition, unique technology businesses.
The Group trades through its market-leading division: Vicon. Vicon is a world leader in motion measurement analysis to thousands of customers worldwide, including Guy’s Hospital,
The Group is headquartered in Oxford with offices in
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