MORGAN HILL, Calif., Oct. 27, 2020 /PRNewswire/ -- Paramit Corporation announced today that as part of its planned strategic expansion into Europe, it has agreed to acquire Austrian-based S.I.E. SOLUTIONS. Paramit, headquartered in Silicon Valley with operations in California and Malaysia, designs and manufactures electronics based medical devices and life science instruments, while S.I.E SOLUTIONS, headquartered in Lustenau, Austria, is a leading designer, manufacturer, and provider of embedded technology solutions to customers across the healthcare and security technology industries.
Founded in 1994 with a strong presence in Austria and Germany, S.I.E SOLUTIONS will complement Paramit's existing design and manufacturing capabilities and serve as its headquarters in Europe. In addition, with Paramit's support and investment to increase its manufacturing and development capabilities locally in Europe, S.I.E SOLUTIONS will be able to deliver Paramit's combined know-how and expertise, including Paramit's vPoke® computer directed assembly and zero defect manufacturing processes, to its European customers.
"We are happy and proud to be teaming up with S.I.E SOLUTIONS," said Billoo Rataul, CEO of Paramit. "The company's experience and highly specialized focus complement Paramit's own product development and manufacturing capabilities. Together, we will deliver an enhanced and comprehensive product realization offering to our customers around the world. In addition, with our highly-skilled teams and combined expertise, we can support a wider range of medical devices and life science instruments for our customers, including those delivering innovative solutions across various diagnostic, therapeutic, surgical, and drug discovery applications."
Markus Dillinger and Josef Krojer, Managing Directors of S.I.E. SOLUTIONS, commented: "As part of the Paramit family, our customers will benefit in particular from an increase in production depth and an expansion of service capabilities. In addition, with our expertise in embedded solutions and our excellent market position in Europe, we can provide a strong and valuable local presence for Paramit in Europe. The combined and highly congruent experience of the two companies, especially in the IVD, life sciences & medical device sectors, will enable us to take advantage of the strong growth opportunities in these markets and better serve our customers."
Under the terms of the agreement, Paramit will acquire System Industrie Electronic GmbH and its German subsidiary System Industrie Electronic Deutschland GmbH. The transaction is subject to the receipt of customary regulatory approvals and is expected to close in the fourth quarter of 2020.
Schiff Hardin LLP and Binder Grösswang acted as legal counsel for Paramit. Lincoln International acted as exclusive investment banking advisor to S.I.E SOLUTIONS.
Paramit is an FDA-registered manufacturer of medical devices and life science instruments. With operations in Silicon Valley and Malaysia, Paramit offers OEMs a low risk approach to designing, assembling, and testing mechatronic intensive devices, such as point-of-use medical equipment and benchtop laboratory instruments. Paramit's vPoke® computer directed assembly process provides a zero-defect manufacturing environment in ISO 13485 certified facilities.
For more information, please visit www.paramit.com
About S.I.E SOLUTIONS
S.I.E SOLUTIONS is a leading provider of embedded technology solutions. As a high-tech company and innovation driver, the company offers a combined portfolio of design, hardware, and software services to customers across the medical device, IVD and life science industries. S.I.E SOLUTIONS is convinced of the opportunities and potential of digitization, especially in medical technology, where due to the high demands on safety and security as well as sensitive data, successful digitization requires a coordinated cooperation of specialists from various fields. By addressing relevant user experience topics from embedded system hardware and software development and industrial design to data management and security, S.I.E SOLUTIONS provides assurance to its customers throughout the product conception, development and production lifecycle.
For more information, please visit www.sie.at
SOURCE Paramit Corporation