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  1. Home
  2. News
  3. Hexagon completes the acquisition of ETQ

Hexagon completes the acquisition of ETQ

04 April, 2022
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By Bhalchandra Chorghade, Editor, CNCTimes.com

Hexagon AB, a global leader in digital reality solutions combining sensor, software and autonomous technologies, has announced the completion of the previously announced acquisition of ETQ.

ETQ is a leading provider of SaaS-based QMS (quality management system), EHS (environment, health and safety) and compliance management software. ETQ is expected to generate revenues of around 75 MUSD in 2022 with an adjusted operating margin of over 35 per cent (cash EBITDA margins of around 45 per cent). SaaS is expected to account for half of bookings in 2022 and has been growing at a trailing 3-year Compound Annual Growth Rate (CAGR) of 60 per cent. The transaction is expected to generate sales synergies of over 40 MUSD, with very strong incremental margins, by 2026.

Completion of the transaction was subject to regulatory approvals and other customary closing conditions, which have now been obtained. ETQ will be consolidated as of 1 April 2022 and will operate within Hexagon’s Manufacturing Intelligence division.

Transaction details

  • Total purchase price of 1,200 MUSD on a cash and debt free basis
  • The cash consideration is fully financed via existing and new debt facilities and the proforma net debt to EBITDA ratio based on the fourth quarter 2021, including the transaction, amounts to approximately 2.0
  • Surplus values in the purchase price allocation (PPA) are estimated to be 250 MEUR and will be amortised over 13 years, beginning in the second quarter 2022
  • A deferred revenue adjustment of 5 MEUR will impact the income statement over the next three quarters, beginning in the second quarter 2022

https://www.hexagonmi.com/en-IN/about-us/news/media-releases/2022/april-2022/hexagon-completes-the-acquisition-of-etq

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