Novanta Inc., a supplier of photonics, precision motion, and vision technologies to original equipment manufacturers in the medical and advanced industrial markets, announced today that it has reached an agreement to acquire the assets of ThingMagic, a division of Trimble, for $20 million in cash. The transaction, subject to customary closing conditions, is expected to close in the first quarter of 2017.
ThingMagic, based in Woburn, Massachusetts, provides Ultra High Frequency (UHF) RFID Reader Modules and Finished RFID Solutions to original equipment manufacturers (OEMs) in the medical and advanced industrial markets. ThingMagic's business operations and product offering will be combined with the Company's JADAK business.
"By combining the resources and RFID based technologies of JADAK and ThingMagic, Novanta will be uniquely positioned to be the leading provider of high performing RFID solutions for mission critical applications to original equipment manufacturers within the healthcare industry," said Matthijs Glastra, Chief Executive Officer of Novanta Inc. "ThingMagic broadens our portfolio of solutions in a high growth technology area, while giving us the resources to address the growing need for improvements in workflow solutions, patient safety, anti-counterfeiting, and asset tracking in a medical environment."
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