Matrikon purchases PI Automation for $5.38 million
Edmonton, Alberta, Canada; Aberdeen, Scotland—Matrikon Inc. reports that it has acquired PI Automation Ltd., which supplies turnkey, web-based plant performance solutions, for approximately $5.38 million in cash.
Edmonton, Alberta, Canada; Aberdeen, Scotland— Matrikon Inc. reports that it has acquired PI Automation Ltd. , which supplies turnkey, web-based plant performance solutions, for approximately $5.38 million in cash. PI has been an integration partner of Matrikon's for more than two years. PI will be renamed Matrikon Europe Ltd.
As part of the acquisition, Matrikon received net assets worth about $1.5 million, which translates to a net purchase price of about $3.86 million. PI had revenues of $4.0 million and income of $531,000 in its most recently completed fiscal year, which ended Dec. 31, 2003. This performance represented revenue growth of 87% and income growth of 29% over the previous year.
'The synergy between Matrikon and PI Automation is fantastic,' says Ian Brown, PI’s managing director. 'We've proven that we can work together with key clients to deliver value. We’re familiar with Matrikon's technology, and have been its technology partner in Europe for two years. And we believe that our growth will accelerate backed by Matrikon's strength and reputation.'
By combining the companies' technologies, resources, geography and domain expertise, Matrikon plans to increase its penetration in the European market, which has been a targeted area of growth over the past year. Amin Rawji, Matrikon's executive VP, adds that, 'The combination of Matrikon and PI Automation is much more than the sum of the parts of the two companies. We have long felt that Europe offers tremendous potential, and now we’re acquiring a partner with an existing footprint in Europe, who is trained on Matrikon technology and is on an exciting growth curve. We are very excited about our future prospects together.'
Matrikon supplies of industrial IT solutions, specializing in web-based products and optimization solutions for the manufacturing and process industries.
Established in 2001, PI Automation offers services covering the lifecycle of industrial systems design, build, commissioning and support, complemented by web-based remote monitoring and plant performance applications to provide a one-stop-shop for plant automation. The company employs approximately 20 permanent and contract employees.
Control Engineering Daily News Desk
Jim Montague, news editor