Isra Vision AG, a German supplier of software for machine vision systems, has taken over the UK“s Firma IAL (IAL) Ltd. and is currently negotiating the acquisition of its US subsidiary, Isra Vision s…
Isra Vision AG, a German supplier of software for machine vision systems, has taken over the UK“s Firma IAL (IAL) Ltd. and is currently negotiating the acquisition of its US subsidiary, Isra Vision said on 7 December 2006. With the move, Isra Vision is seeking to expand its position as a global innovation and market leader in the glass business and to establish its presence in Ireland and the UK. The acquisition is in line with the company“s strategy for dynamic internal and external growth. IAL is a former division of British Image Automation Ltd. and a competitor of Isra Vision in the glass business. Image Automation, which used laser technologies, filed for insolvency at the beginning of 2006. Current IAL CEO John Claridge will head Isra Vision“s business in the UK and Ireland. The acquisition was financed partly by a capital increase, which Isra Vision completed in the beginning of 2006. The agreement did not provide for shares to be used for payment, so that Isra Vision“s results would not be diluted. The purchase price is linked to an earn-out model and will be paid in instalments. Progress has been made in negotiations with Image Automation“s US subsidiary as a result of the successful completion of the transaction. For the financial year 2006/07, ending 30 September 2007 Isra Vision expects a double-digit increase in profit and turnover. The company will present its report for fiscal year 2005, ended on 30 September 2006, on 15 December 2006.