In a surprise announcement, FARO Technologies shared that they have acquired leading UK-based mobile mapping company GeoSLAM. With the addition of GeoSLAM's mobile scanning solutions, FARO now has a broad set of reality capture solutions that include a 360 degree camera, mobile and stationary scanning capabilities, and high-accuracy laser scanning tools.
FARO's customer base includes those in the AEC and facility management space, as well as 3D metrology and public safety markets. With the broadening use cases of reality capture, bringing in a strong SLAM scanning company could help FARO reach even more customers. According to Michael Burger, FARO President and CEO, this acquisition is a pathway towards having a complete portfolio of '4D' digital reality capture solutions.
“FARO now offers the industry’s broadest set of 4D data capture solutions, including 3600 camera-based images, mobile scanning and stationary high-accuracy laser scanning, allowing customers to balance the need for accuracy, speed and detail depending on their requirements. These capture technologies provide the foundation for our 4D digital reality-based SaaS offering that will allow customers to access multiple 4D data sources for visualization and analysis through a single user experience. We welcome the GeoSLAM team to our FARO family.”
GeoSLAM has built its business around making SLAM scanning more accurate, quicker, and easier to use even in difficult environments. Their Zeb lineup of scanners provide a versatile solution, especially for GPS-denied environments. Last month, GeoSLAM announced the ability to get real time scanning feedback through their own mobile devices.
“Joining with FARO represents the next step in the growth of GeoSLAM and the establishment of mobile mapping as a driver for growth in the way businesses map and understand their spaces,” added Andy Parr, GeoSLAM CEO.
“Both companies share a vision of the importance of mobile scanning in the burgeoning digital reality capture market.”
This acquisition could fill out FARO's portfolio of scanners, allowing their customers to choose the right tool for the right job - balancing accuracy, speed and detail depending on the requirements for their specific use cases.
Under terms of the agreement, GeoSLAM shareholders received a cash payment of £22.0 million and 495,562 shares of FARO stock that is subject to customary lock-up provisions. The transaction closed on September 1, 2022, funded with available cash reserves and equity consideration.