Hexagon acquires ProCAM Srl, pushes into Italy
Hexagon, the industrial measurement specialists that use a range of high-tech tools to help a variety of industries conceptualise space, has acquired ProCam Srl, an Italian distributor of some of its software solutions.
ProCAM was founded in 1995 with a pretty simple mission: to act as reseller for the Edgecam and Radan software solutions (both of which are aimed at designers, and position themselves as a CAD-CAM tool for various industries, like sheet metal work in Radan’s case). These tools are created by Vero Software, a subsidiary of Hexagon – and ProCAM will become a part of that organization going forward.
Hexagon’s share price is up 39% so far this year
SOURCE: Yahoo Finance
ProCAM employs 15 people and is headquartered in Padova, Italy. By taking control of it, Hexagon will not only control their own distribution network more closely, but be in a stronger position to grow their footprint in Europe, having access to ProCAM’s “extended network of sub-resellers serving the wider Italian market.”
Steve Sivitter, Vero Software’s CEO, made the following comment over the acquisition: “The Italian market is important to Vero and our future ambitions, so establishing a direct presence with the acquisition of ProCAM is an important step. In more than two decades of working together, ProCAM has proven to be an extremely competent reseller with deep insight into the requirements of our customers. Managing our sales channels in Italy locally rather than remotely will be a great benefit to Vero, our partners and our customers.”
Dominion holds Hexagon in its Global Trends Managed Fund.
If you would you like to receive the Newsfeeds daily, please click here to sign up now!Help us make this Newsfeed better by rating this article. 1 star = Poor and 5 stars = Excellent
- Click here to print this story: Print
The views expressed in this article are those of the author at the date of publication and not necessarily those of Dominion Fund Management Limited. The content of this article is not intended as investment advice and will not be updated after publication. Images, video, quotations from literature and any such material which may be subject to copyright is reproduced in whole or in part in this article on the basis of Fair use as applied to news reporting and journalistic comment on events.