As part of its effort to expand in emerging markets, Sweden-based technology firm Hexagon has agreed to acquire india’s Elcome Technologies, a developer of products associated with navigation technology.
Elcome offers products and solutions using various technologies such as optical and GPS based equipment, aerial photogrammetry, GIS and mapping, construction and mining machine control, portable coordinate measuring machines (CMM), laser scanning, and weather meteorology. Hexagon claims that Elcome is a market leader in India in its targeted application segments.
The surveying equipment industry, which is one of the cornerstones of Hexagon’s measurement technologies portfolio, is estimated to continue to grow at a rate of over 20% in India over the coming years. This growth will be further accelerated by increased spending on infrastructure, which in turn will benefit Hexagon’s expanding business in machine control and networks, said Ola Rollen, chief executive and president at Hexagon.
According to Hexagon, Elcome’s sales since 2000 have increased 20% annually and it recorded total sales of about $15.8m in 2007. It employs 80 people and operates from 12 locations across India.
This is the second acquisition for Hexagon in as many months. It acquired NovAtel, global navigation satellite system (GNSS) components and subsystems provider for $50 per share last month.
Source: ComputerWire daily updates