- Acquires leading provider of RFID solutions to medical original equipment manufacturers
BEDFORD, Mass., Dec. 18, 2015 /PRNewswire/ -- GSI Group Inc. (NASDAQ: GSIG) (the "Company", "we", "our", or "GSI"), a global leader and supplier of laser, precision motion, and vision technologies to original equipment manufacturers ("OEM") in the medical and advanced industrial markets, today announced it has acquired the assets of SkyeTek, a Denver, Colorado-based provider of embedded and standalone RFID Solutions for medical OEM's for $2.6 million in cash, subject to customary working capital adjustments.
SkyeTek specializes in high-performing HF and UHF RFID technologies that maximize efficiency and visibility for OEMs serving the medical and advanced industrial markets. SkyeTek will be integrated within JADAK, a GSI business unit, a global leader and supplier of HF RFID solutions, optical data collection and machine vision technologies to OEM medical device manufacturers. SkyeTek's family of high-performance embedded and standalone HF and UHF RFID modules are highly complementary to JADAK's existing line of RFID solutions.
"The combination of SkyeTek with JADAK creates an expanded range of highly competitive RFID solutions that significantly enhances our value proposition with OEM customers in various industries, but especially within healthcare where there is an ever-growing need for improvements in workflow solutions, patient safety, anti-counterfeiting, and asset tracking throughout the hospital environment," said John Roush, Chief Executive Officer at the GSI Group.
"RFID growth has accelerated within healthcare markets in recent years. We are seeing more and more OEMs integrate RFID to improve their customers' workflow and reduce errors, thereby giving hospital staff more time to focus on the patients," says David Miller, President of JADAK. "The addition of SkyeTek to JADAK's RFID engineering capabilities positions us to bring a broader set of RFID technologies and services to our customers worldwide."
Headquartered in Syracuse, New York, JADAK is a market leading provider of embedded data collection and printing solutions for medical OEMs serving the healthcare and life science markets. JADAK has a wide array of data collection products and services, including machine vision, RFID, bar code scanning, and thermal printers that help customers solve unique inspection, tracking, scanning and documenting challenges. JADAK has established itself as a strategic partner for today's top healthcare companies through its flexible, customer centric approach and its wide range of capabilities.
Headquartered in Denver, Colorado, SkyeTek delivers stand-alone and embedded RFID reader solutions that make RFID work easily, reliably, and economically for original equipment manufacturers in the medical equipment and advanced industrial technology markets.
Safe Harbor and Forward-Looking Information
Statements in this news release relating to future events, such as GSI's expected business and financial performance are "forward-looking statements." Forward-looking statements are subject to various factors and uncertainties that may cause actual results to differ significantly from expectations. These factors and uncertainties include GSI's ability to consummate and successfully integrate future acquisitions; risks associated with international sales and operations; GSI's ability to successfully develop new products, open new facilities or transfer product lines; the price and availability of raw materials; compliance with government regulations, including environmental regulations; changes in the competitive environment or the effects of competition in our markets; the ability to maintain adequate liquidity and financing sources; and general economic conditions affecting the industries we serve. A detailed discussion of these and other factors that may affect our future results is contained in GSI's filings with the U.S. Securities and Exchange Commission, including its most recent reports on Form 10-K, 10-Q and 8-K. Such statements are based on the Company's beliefs and assumptions and on information currently available to the Company. The Company disclaims any obligation to update any forward-looking statements as a result of developments occurring after the date of this document except as required by law.
GSI Group Inc. designs, develops, manufactures and sells precision photonics and motion control components and subsystems to Original Equipment Manufacturers ("OEM") in the medical equipment and advanced industrial technology markets. The Company's highly engineered enabling technologies include laser sources, laser scanning and beam delivery products, optical data collection and machine vision technologies, medical visualization and informatics solutions, and precision motion control products. It specializes in collaborating with OEM customers to adapt its component and subsystem technologies to deliver highly differentiated performance in their customers' applications. GSI Group Inc.'s common shares are quoted on NASDAQ under the ticker symbol "GSIG".
More information about GSI is available on the Company's website at www.gsig.com. For additional information, please contact GSI Group Inc. Investor Relations at (781) 266-5137 or InvestorRelations@gsig.com.
SOURCE GSI Group Inc.