Faro acquires mobile scanning firm GeoSlam

Faro Technologies Inc., Lake Mary, Fla., announced its acquisition of UK-based GeoSLAM, which provides mobile-scanning solutions. Faro expects the acquisition to expand and accelerate its potential market growth in the mobile-scanning sector.

The transaction closed on Sept. 1.

“We are thrilled to add GeoSLAM’s hand-held 3D scanning technology to our portfolio of cutting-edge data-capture solutions,” Faro President and CEO Michael Burger said.

GeoSLAM CEO Andy Parr added, “Joining with Faro represents the next step in the growth of GeoSLAM and the establishment of mobile mapping as a driver for growth in the way businesses map and understand their spaces. Both companies share a vision of the importance of mobile scanning in the burgeoning digital reality capture market.”

Under terms of the agreement, GeoSLAM shareholders received a cash payment of about $22 million and 495,562 shares of Faro stock that is subject to customary lock-up provisions.