Australian microelectromechanical systems sensors (MEMS) manufacturer Panorama Synergy has acquired Mulgrave, Victoria-based internet of things (IoT) provider Hydrix.
Both companies have had a close working relationship, recently collaborating on a range of medical and agricultural technology proposals.
“This is a strategically important acquisition of a business we know well,” Panorama chief executive Peter Lewis said. “Hydrix galvanises our business assets and opportunities, advances our product offerings, and accelerates growth.”
The acquisition aims that product development of both companies will be accelerated, while at the same time reducing costs and increasing control over proprietary technologies.
Panorama paid $2 million for the acquisition and will be issuing 50 million new shares upon completion. Hydrix founder and CEO Mark Brydon will join Panorama as a member of its senior executive team.
“Combining Hydrix and Panorama Synergy creates an exciting opportunity for all stakeholders,” Brydon said.
“The two organisations are well known to each other, and have a very strong culture and business fit, sharing a common desire to become a global leader in innovative technology solutions.”
The deal is set to complete sometime between September or October this year, and is subject to the fulfillment or waiver of some closing conditions.