Halma to buy New York-based FluxData for up to $27.5m

Safety, health and environmental technology group Halma announced the acquisition of FluxData Incorporated from private shareholders for up to $27.5m in cash to be funded from its existing cash and debt facilities.

New York-based FluxData designs and manufactures advanced multispectral and digital imaging systems across multiple sectors including industrial and medical applications.

The cash consideration is $12m (£9.8m) with a further contingent consideration of up to $15.5m (£12.6m) based on performance to 31 March 2019. The acquisition is expected to be immediately earnings enhancing.

Unaudited accounts for the year ended 31 December 2016 reported revenue of $5.2m (£4.2m).

FluxData will become part of Halma's Environmental & Analysis sector and existing management will remain in place.

Chief executive Andrew Williams said: "FluxData's strength in developing complete multispectral imaging (MSI) systems, including software and data analysis, builds on the MSI capabilities that already exist within our Environmental & Analysis sector.

"The value of this acquisition will come not only from enhancing FluxData's ability to service existing customers but also from the opportunity to access new sectors and geographies through Halma's strengths in safety, medical and environmental markets globally."

At 1015 GMT, the shares were up 1.6% to 924p.