TIDMOMG
RNS Number : 9487R
Oxford Metrics PLC
01 November 2023
1 November 2023
Oxford Metrics plc
("Oxford Metrics", or the "Group")
Acquisition of Industrial Vision Systems Ltd and Issue of
Equity
- 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
Oxford Metrics plc (LSE: OMG), the smart sensing software
company, servicing life sciences, entertainment and engineering
markets, today announces it has entered into an agreement to
acquire Industrial Vision Systems Ltd ("IVS"(R)), specialists in
developing machine vision software and technology for high
precision, automated quality control systems used across numerous
industries. The consideration of GBP8.1m is to be funded with
existing cash resources and new ordinary Oxford Metrics shares.
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.
Imogen Moorhouse, CEO of Oxford Metrics, commented: "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."
Co-founders Earl Yardley and Andrew Waller, Industrial Vision
Systems, said: " Oxford Metrics is the only home we considered
because it shares our company culture and values and has a proven
track record of taking great technology forward by nurturing and
developing it. We are on a mission to make companies more
efficient, highly flexible and quicker with our machine solutions.
As part of Oxford Metrics, we will continue to develop and broaden
our technology offering with an ongoing focus on innovation and
research & development."
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 and Andrew 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
28(th) February 2023 the business reported unaudited revenues
of GBP3.4m and an EBIT of GBP0.8m. 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 GBP8.1m 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 15(th) September 2023 and 26(th)
October 2023 of 86.63p. Application has been made for these new
ordinary shares, to be admitted to trading on AIM, with admission
expected to become effective on 6(th) November 2023.
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
Imogen Moorhouse, CEO
David Deacon, CFO
Deutsche Numis +44 (0)20 7260 1000
Simon Willis / Hugo Rubinstein / Tejas
Padalkar
FTI Consulting +44 (0)20 3727 1000
Matt Dixon / Emma Hall / Jamille Smith
/ Jemima Gurney
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 UK/Ireland. As
part of a larger group, IVS will have access, advice and the
resources to scale. It will be able to expand its geographic
footprint and grow its IP rich static technology offering with
opportunities to benefit from Vicon's dynamic sensing and further
strengthen its already strong position through focused investment
in research and development.
IVS is a member of the British Standards Institute, CE Marking
Association and the Processing & Packaging Machinery
Association, in addition to being an accredited member of the
SafeContractor scheme. IVS' vision solutions are FDA and GAMP (Good
Automated Manufacturing Practice) compliant. For more information,
visit www.industrialvision.co.uk
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(R) and an Emmy(R), 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, Industrial Light
& Magic, MIT and NASA.
The Group is headquartered in Oxford with offices in California,
Colorado, Auckland, and Kempten. Since 2001, Oxford Metrics (LSE:
OMG), has been a quoted company listed on AIM, a market operated by
the London Stock Exchange. For more information about Oxford
Metrics, visit www.oxfordmetrics.com
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