Antares Vision buys Applied Vision
Antares Vision acquires Applied Vision Corporation, a supplier of high-speed inspection systems based in Akron, Ohio, USA, for USD 45 million. Applied Vision's systems are used in particular for glass and metal containers in the food and beverage industry. With this acquisition, Antares is expanding its position in the food and beverage sector and also strengthening its geographical presence in the USA.
Applied Vision will become part of the U.S. subsidiary Antares Vision Inc. upon completion of the transaction. This acquisition is the second at the end of 2020: in mid-November, Antares purchased Adent High Tech.
Applied Vision was founded in Akron in 1997 by Amir and Manijeh Novini. Since then, the company has developed vision solutions based on optical components, lighting, electronic image capture, and digital imaging and artificial intelligence algorithms. The company employs more than 100 people. In addition to sales in the U.S., Applied Vision exports its products to South America, Asia, Europe, Australia, the Middle East and Africa.
In 2019, Applied Vision reported consolidated revenue of USD 28.4 million (49% of which was generated outside the U.S.), adjusted EBITDA of USD 4.1 million, and a net cash position at closing of USD 1.7 million. Consolidated revenue posted a 2017-2019 CAGR of 15%.
The company's proprietary machine vision technology combined with its expertise has made Applied Vision the global leader in metal container inspection for the food and beverage segment. Through industry technology leadership and the use of AI (including the development of proprietary self-learning AI algorithms), Applied Vision enables high inspection effectiveness on the fastest, most advanced production lines, regardless of container complexity.
