Oxford Metrics PLC on Wednesday said it has bought Industrial Vision Systems Ltd for £8.1 million.
Shares in the Oxford, England-based software provider were up 4.1% to 90.05 pence each in London on Wednesday morning.
Oxford Metrics said it has entered into an agreement to acquire Industrial Vision Systems.
IVS is a specialist in developing machine vision software and technology for high precision, automated quality control systems used across numerous industries. It is based in Oxfordshire.
Oxford Metrics said IVS is ‘a good strategic fit’, which meets its acquisition criteria.
In its financial year ended February 28, IVS reported revenue of £3.4 million and earnings before interest and tax of £800,000.
‘Trading over the past six months is consistent with delivering a further improvement in performance,’ Oxford Metrics added.
The acquisition is expected to be immediately earnings per share enhancing.
The acquisition consideration is £8.1 million. It will be funded in cash from existing resources and the issue of 1.0 million new Oxford Metrics 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.’
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