Detection Technology Plc has completed the acquisition of Haobo Imaging. Detection Technology acquired 90% of the shares in Haobo Imaging for EUR 12 million.
The acquisition was financed with cash reserves and a term loan.
Acquisition details
The founders and management of Haobo Imaging will continue to hold 10% of the shares. Detection Technology intends to acquire the remaining shares in the future under the agreed terms.
Apart from ordinary working capital items, no material liabilities were transferred in the acquisition. It is estimated that the acquired business will be earnings-positive in 2025.
Digital X-ray imaging detector technologies
Sales of the acquired business will be reported as part of Detection Technology's business units
Sales of the acquired business will be reported as part of Detection Technology's business units, so the reporting structure of the company remains unchanged. The acquired business will be organised as part of the company's Medical Business Unit (MBU).
On the 15th of March 2023, Detection Technology announced its plan to acquire X-ray flat panel detector supplier Shanghai Haobo Imaging Technology Co., Ltd and to invest in the thin-film transistor (TFT) technology to double its total addressable market. With the acquisition, Detection Technology’s product range covers all digital X-ray imaging detector technologies.
Customer experience and long-term growth
“I am pleased to officially welcome Haobo Imaging as part of Detection Technology. This acquisition boosts the customer experience and our long-term growth,” says Hannu Martola, President and CEO at Detection Technology.
Haobo Imaging has solid product platforms and strong know-how in static and dynamic TFT flat panel detectors based on a-Si (Amorphous Silicon) and IGZO (Indium Gallium Zinc Oxide) technologies. Its solutions include both hardware and software. The company has a well-established customer base and employs 40 professionals in Shanghai, China.