The transaction was valued at $15 million in cash, with the potential for earn out payments based on the future performance of the business.
PerkinElmer has acquired Elcos’ visible LED technology platform and strong customer and application base. Specialty LED solutions are well-suited for a variety of applications, including blood glucose monitoring and patient monitoring systems, as well as a number of industrial applications.
Based in Pfaffenhofen, Germany, Elcos had 2004 revenues of $11.3 million with over 60% coming from health sciences applications, including blood glucose monitoring and pulse oximetry.
PerkinElmer says that its global sales, application and support organization will provide significantly greater growth opportunities for the Elcos technology.
“Elcos has a successful track record of delivering high performance LED solutions to premier OEMs with the majority of their revenue in biomedical instrumentation,” said John Roush, president of PerkinElmer Optoelectronics. “By bringing PerkinElmer and Elcos together we expand our offering of technology solutions for new and existing customers.”
”We have always respected PerkinElmer’s unique ability to combine technology expertise, operational excellence and an intimate understanding of customers’ needs in order to deliver customized total solutions. We strongly believe they are the right partner to take Elcos to the next level of success,” said Joachim Sieg, founder and CEO of Elcos AG, who will stay on as a consultant after the acquisition is completed.