FLIR Systems said today that it reached an asset purchase agreement to acquire the business of Point Grey Research, a developer of machine vision cameras for use in industrial, retail, scientific, traffic, mapping and other advanced imaging applications, for about $253 million in cash.
Founded in 1997 and based in Richmond, British Columbia, Point Grey develops advanced visible imaging cameras and solutions used in industrial automation systems, medical diagnostic equipment, people-counting systems, intelligent traffic systems, military and defense products, and advanced mapping systems.
Point Grey designs, manufactures and distributes its cameras and related software to a global base of customers that build systems for improving the efficiency, quality, analysis and safety of a wide range of processes and products.
The addition of the Point Grey business will augment FLIR's existing OEM cores and components business by adding visible spectrum machine vision cameras and solutions.
Additionally, FLIR said its thermal sensor technology, with its unique ability to remotely measure temperature, see through factory obscurants such as smoke and steam, and accurately detect and characterize human activity in retail settings, will further extend Point Grey's product range into new application spaces.
"We're excited to add the broad range of innovative products from Point Grey to FLIR, as together we have a unique capability to create advanced sensing solutions for the broad machine vision market," FLIR president and CEO Andy Teich said in a statement.
"Thermal imaging technology provides vision systems customers an alternative imaging spectrum that offers a rich, largely untapped layer of information that can be further leveraged,” Teich said. “Point Grey's global presence and credibility in industrial vision systems provides a strong platform for us to integrate our leading thermal technology. Point Grey is a proven, high-performing business with an impressive set of products, customers, processes and people, all of which we see as being highly synergistic and strategically significant to FLIR. We welcome the Point Grey employees to FLIR and look forward to creating highly valuable solutions for a wide array of intelligent imaging applications."