Paramit, a US-based manufacturer of medical devices and life science instruments, has signed a deal to acquire Austria-based S.I.E. SOLUTIONS, as part of a strategic expansion into Europe.
The financial terms of the deal were not disclosed.
S.I.E SOLUTIONS is engaged in providing embedded technology solutions to customers across the healthcare and security technology sectors.
Established in 1994, the company is said to have a strong footprint in Austria and Germany. It is expected to complement the existing design and manufacturing capabilities of Paramit, besides serving as the latter’s headquarters in Europe.
S.I.E SOLUTIONS, through the support and investment of the US firm, will be able to ramp up its manufacturing and development capabilities locally in Europe. Besides, it will be in a position to deliver Paramit’s combined know-how and expertise, which includes the latter’s vPoke computer directed assembly and zero defect manufacturing processes, to its customers in Europe.
Billoo Rataul – CEO of Paramit said: “The company’s experience and highly specialized focus complement Paramit’s own product development and manufacturing capabilities. Together, we will deliver an enhanced and comprehensive product realization offering to our customers around the world.
“In addition, with our highly-skilled teams and combined expertise, we can support a wider range of medical devices and life science instruments for our customers, including those delivering innovative solutions across various diagnostic, therapeutic, surgical, and drug discovery applications.”
As per the terms of the deal, Paramit will acquire System Industrie Electronic and its German subsidiary – System Industrie Electronic Deutschland.
The deal, which is subject to customary regulatory approvals, is likely to be wrapped up in Q4 2020.
Markus Dillinger and Josef Krojer – Managing Directors of S.I.E. SOLUTIONS said: “As part of the Paramit family, our customers will benefit in particular from an increase in production depth and an expansion of service capabilities.
“In addition, with our expertise in embedded solutions and our excellent market position in Europe, we can provide a strong and valuable local presence for Paramit in Europe.
“The combined and highly congruent experience of the two companies, especially in the IVD, life sciences & medical device sectors, will enable us to take advantage of the strong growth opportunities in these markets and better serve our customers.”