Coda Octopus completes acquisition of Precision Acoustics
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Coda Octopus (CODA) Group has completed the acquisition of Precision Acoustics Limited, based in Dorchester, UK, in close proximity to the Company’s subsidiary, Coda Octopus Martech Limited. Precision Acoustics was formed in 1997 and is well established as a leading technical authority to the MHz ultrasound and acoustic measurement markets and is a global leader in the field of hydrophone design and other acoustic-related technologies which have wide application but are currently primarily used in the medical imaging and Non-Destructive Testing markets. It is a leading innovator, developer and worldwide supplier of products, materials and customized services to the MHz ultrasound markets and has a sizable market share. Over many years, it has formed close working relationships with a number of national and global standard setting bodies and with academic institutions worldwide to further ultrasound research. Precision Acoustics has also authored many leading publications in this area. Prior to the acquisition, the Company worked with Precision Acoustics on a number of underwater acoustic related research and development projects, and they have supplied the Company with their proprietary acoustic materials used for the Echoscope and DAVD technology solutions. They bring to the Group substantial acoustic thought leadership and expertise combined with years of domain knowledge and a complementary range of acoustic-related technologies which are today unleveraged in the underwater acoustics space. Many of the Precision Acoustics technologies have subsea applications and the Company believes that it can leverage these in the underwater acoustic market which it has been a supplier to over 30 years. The acquisition of Precision Acoustics positions the Group to expand its offerings and solutions. The Company paid a net cash purchase price of $5,160,000. The acquisition agreement also provides for a contingent payment of up to $1,290,000 over 3 years subject to meeting the performance milestone targets provided for in the acquisition agreement.
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