Videology has been bought by test solution provider, InTest, for $12 million.
InTest now owns all of the assets of Videology Imaging Solutions Inc. and Videology Imaging Solutions Europe B.V., which makes OEM digital streaming and image capture products.
The acquisition strengthens InTest’s portfolio for the life science and industrial markets, said Nick Grant Jr, InTest president and CEO.
Videology's trailing twelve month revenue as of the end of September 2021 was approximately $10 million and provided comparable gross margins with InTest.
‘The Videology acquisition is consistent with a number of our strategic initiatives,’ Grant stated. ‘Through it we expand our process technology solutions, diversify our reach into key targeted markets and broaden our customer base. It builds on our process technology platforms by expanding our automation capabilities to add future product solutions with imaging data and analytical tools. These are invaluable as InTest strives to embrace opportunities created by the Internet of Things and making the most of artificial intelligence-based tools.’
He added: ‘With the integration of the Z-Sciences and Videology acquisitions, we are further diversifying our markets and expanding our customer base.’
In a statement, Videology said it will remain a standalone business reporting into the thermal segment of InTest. ‘Videology’s global operations in the United States and the Netherlands will remain in place and they will continue to function as they have for more than 25 years,’ the statement read. ‘The founder and CEO of Videology, Carol Ethier, will assist with the transition.’
