Faro acquires mobile scanning company GeoSLAM

Image: Faro

Faro Technologies Inc.a 4D digital reality company, acquired GeoSLAM.

Founded in 2012, GeoSLAM is a provider of mobile scanning solutions with proprietary Simultaneous High Productivity Localization and Mapping (SLAM) software to create 3D models for use in digital twin applications.

The addition of GeoSLAM is expected to significantly expand and accelerate Faro’s market growth in mobile scanning.

“We are excited to add GeoSLAM’s handheld 3D scanning technology to our portfolio of industry-leading data capture solutions,” said Michael Burger, Faro’s President and CEO. “Faro now offers the widest array of 4D data capture solutions in the industry, including camera-based 360° imagery, mobile scanning, and high-accuracy stationary laser scanning, enabling customers to balance the need precision, speed and detail according to their needs. These capture technologies form the basis of our SaaS (Software as a Service) offering based on 4D digital reality that will allow customers to access multiple 4D data sources for visualization and analysis through a single user experience. We welcome the GeoSLAM team to our Faro family.

“Joining Faro represents the next step in the growth of GeoSLAM and establishing mobile mapping as the engine of growth in how businesses map and understand their spaces,” said Andy Parr, CEO of GeoSLAM. “Both companies share a vision of the importance of mobile digitization in the growing digital reality capture market.”

GeoSLAM recorded revenue of £14.5 million with EBITDA of 18% in the financial year ended March 31, 2022. EBITDA, a non-GAAP measure, is calculated as profit /net loss before interest (income), net, income tax expense (profit), exchange rate change and depreciation and amortization. The transaction closed on September 1, funded by available cash reserves and equity consideration.

Under the terms of the agreement, GeoSLAM shareholders received a cash payment of £22.0 million and 495,562 Faro shares subject to customary lock-up provisions. Faro expects the acquisition to be non-GAAP EPS accretive in 2023.

Faro serves the architecture, engineering and construction (AEC) markets; operation and maintenance of facilities; 3D metrology; and public safety analysis.

Casey J. Nelson