Geometric’s German subsidiary Geometric Europe GmbH has acquired 100 per cent stake in electronics engineering company 3Cap Technologies GmbH (3Cap).
“The use of embedded systems is increasing in all our customer products. This acquisition fills a major gap in the solutions we offer to our customers, while at the same time strengthening our presence in Europe. Thus, in taking this action, we address two main needs of our customers - the ability to deliver embedded systems based solutions and a stronger presence in Europe,” said Manu Parpia, Managing Director and CEO, Geometric.
About 70 per cent of Geometric’s revenues come from the US market. 3Cap is valued at €11 million of which €7.5 million will be paid up front. Geometric is funding the acquisition out of accrued cash, said a statement from the company.
The balance of payments will be subject to earn out under mutually agreed terms and conditions, over a maximum period of 3 years.