Sandvik to acquire software provider ICAM

SANDVIKEN, Sweden, Nov. 25, 2021 /PRNewswire/ -- Sandvik has signed an agreement to acquire Canada-based ICAM Technologies Corporation, a provider of innovative solutions that translate CAM data into optimized coding for guiding CNC machining operations. With a global reach, ICAM sells to some of the world's most renowned companies in the aerospace and defense, general engineering and automotive industries. The company will be reported in Sandvik Coromant, a division within Sandvik Manufacturing and Machining Solutions.

"I am very pleased that we can welcome ICAM to Sandvik. We continue to add software companies that enable us to broaden our offering and provide even more productive solutions within the component manufacturing process. Through this acquisition we are strengthening our offer in verification and optimization as well as our value proposition to customers across their value chain," says Stefan Widing President and CEO of Sandvik.

ICAM's software combines post-processing, machine simulation, and tool-path optimization into solutions that save programming and part machining time, streamlining customer workflows as the user can go from their CAM system to verified and optimized coding (G-code) in just one step. ICAM's offering is complimentary with the verification and optimization technology of CGTech, a global leader in software for numerical control (NC/CNC) simulation, verification and optimization, also owned by Sandvik.

"This acquisition of ICAM supports our overall business strategy and is in line with our strategic focus to further develop our offer in verification and optimization. Our strong position within CNC machine simulation, combined with ICAM's post-processing capabilities will enable us to deliver a complete workflow for new NC program deployment, from post-processing to highly optimized NC programs running on the machine. We look forward to welcoming ICAM to the Group," says Nadine Crauwels, President of Sandvik Machining Solutions.

ICAM was founded in 1971 in Montreal, Canada and currently has 27 employees. In 2020, the company had revenues of approximately SEK 30 million and an EBITA margin of approximately 25%.The transaction is expected to close during the fourth quarter of 2021 and is subject to customary closing conditions. 

Stockholm, November 25, 2021

Sandvik AB

For further information, contact Louise Tjeder, Vice President Investor Relations, phone: +46 70 782 6374 or Johannes Hellström, Press and Media Relations Manager, phone: +46 70 721 1008.

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SOURCE Sandvik