German tech firm buys Spectral Engines
This was for a price of between €10 million and €15 million (about $11.7 to $15.5 million), according to a Reuters report.
The German company has acquired 75 percent of Spectral Engines with a plan to complete a 100 percent acquisition in 2023. The amount initial paid for 75 percent of Spectral Engines was not disclosed but it seems likes that it was €10 million with the valuation of the final 25 percent being based on the achievement of certain revenue and profit milestones.
Spectral was founded in 2014 as a spin off from VTT Technical Research Centre of Finland to continue the development and application of MEMS-based tunable Fabry-Perot Interferometers. Spectral has raised about €4.9 million (about $5.7 million) in its time as a private company.
“We have been able to develop very strong sensing solutions covering all expertise from mass-producible MEMS sensors to IoT connected portable devices and combining these with advanced algorithm expertise,” said Jarkko Antila, CEO of Spectral Engines, in a statement. “This deal will expand our opportunities to accelerate our market entry in many industrial fields,” he added.
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