Isra Vision
Strategic partnership with Atlas Copco
Isra Vision, a provider in the field of industrial image processing, surface inspection and 3D machine vision, and the Swedish listed industrial group Atlas Copco want to enter into a strategic partnership.
According to Isra Vision, the strategic partnership will enable the company to further accelerate its growth and continue on its path of innovation. In addition, the partnership also represents the preferred succession plan for the company's founder and CEO Enis Ersü.
Machine Vision is part of Atlas Copco's long-term strategy. Therefore, Atlas Copco wants to focus more on industrial automation and create a Machine Vision division. Isra will be the core of this new division within Atlas Copco's Industrial Technique division, which offers a global network of industrial automation systems and solutions, quality assurance products and industrial software.
Isra will operate independently and continue to maintain its brand, global presence and locations, as well as the expansion of the headquarters in Darmstadt. Enis Ersü, founder of ISRA, will remain CEO to promote the partnership and drive the integration forward.
The strategic partnership will be implemented through a friendly public offer by Atlas Copco. Isra shareholders who tender their shares will receive €50.00 per share in cash. This represents a premium of 43% to the closing price on February 7, 2020 and an EV/EBIT multiple of approximately 33 based on Isra Vision's reported EBIT for 2018/2019. The offer has the support of both Isra's Executive Board and Supervisory Board. Atlas Copco has already secured approximately 35% through irrevocable tender agreements from the main shareholder Enis Ersü and other members of Isra's management and supervisory board as well as through a share purchase agreement with an institutional investor.
Atlas Copco, headquartered in Stockholm, employs around 39,000 people. Sales in 2019 amounted to SEK 104 billion (around EUR 10 billion).
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