|
Sarian Systems has been acquired in a cash deal by Digi International for US$30m. Under
the terms of the agreement, Sarian will operate as a subsidiary of Digi
International, keeping its management team and headquarters in
West Yorkshire, England.
Sarian specialises in manufacturing
communications devices that are vital for the day-to-day running of a
business. The company helps to keep cash machines and lottery terminals
operating efficiently, and it generated sales across 40 countries of
around £5.25m in the year to June 30, 2007. Further significant growth
is forecast for this financial year.
Sarian was founded by Andy Hood and Robin Hudson in 1999 in Steeton,
near Keighley, on a kitchen table. It received early-stage funding from
YFM Private Equity (YFM).
The company moved to Ilkley in 2000.
Since then staff numbers have risen from four to 36 and it has gained a
number of blue chip customers including American Express, Travelex and
BP Oil as well as major telecommunications and cash machine operators.
Sarian products are used in more than 75 per cent of UK petrol
stations. It is the preferred supplier to companies responsible for 80
per cent of the worldwide lottery market.
The firm featured in
the 2006 Sunday Times Microsoft Tech Track 100 as one of the UK's
fastest growing technology companies. Sarian was also named Yorkshire
Post Small Business of the Year in 2006, and was one of Deloitte's
Europe Middle East and Asia Fast 500 Companies in 2007.
The
company provides telemetry systems, which transmit information to
enable heating and lighting systems to work more efficiently. For
example, Norwegian electric power supplier Hafslund has used Sarian's
equipment for a "street lighting when it's needed" scheme. Motion
sensors ensure when the-re's no traffic, there's no lighting.
Digi
International's global presence will enable Sarian to reach new markets
in North America, South America and Asia-Pacific. The deal will lead to
economies of scale in purchasing and improved supplier relationships.
Andy Hood, managing and technical director of Sarian, said: "With the
great cultural and technical fit we see Digi as the ideal partner to
take the fast growing business that we have in Europe, Scandinavia and
Southern Africa into many other geographic regions."
Joe
Dunsmore, chairman, president and chief executive of Digi, said:
"Financially, we're acquiring a high-growth, profitable wireless
business that can be expanded from Europe into other parts of the
world."
He added: "We have very similar corporate cultures and
vertical go-to-market strategies, so integration will be
straightforward and with Sarian's strong European engineering and sales
presence, we're immediately increasing the international content and
capabilities of our business."
PetrolWorld 020508
|
