Flir Systems, Inc. (NASDAQ: Flir) has successfully completed its previously announced acquisition of the business of Point Grey Research Inc., for an aggregate purchase price of $259 million in cash, or an enterprise value of $256 million excluding Point Grey’s closing cash balance.

Founded in 1997 and based in Richmond, British Columbia, Point Grey is a global leader in the development of advanced visible imaging cameras and solutions that are used in industrial automation systems, medical diagnostic equipment, people counting systems, intelligent traffic systems, military and defense products, and advanced mapping systems. Point Grey designs, manufactures, and distributes its cameras and related software to a global base of customers that build systems for improving the efficiency, quality, analysis, and safety of a wide range of processes and products.

“The acquisition of Point Grey provides us a strong, proven, and profitable platform from which to integrate thermal technology into the underpenetrated industrial vision and people counting markets,” said Andy Teich, President and CEO of Flir. “We are pleased to have the Point Grey team join Flir and we look forward to working with them to innovate advanced intelligent imaging solutions for the customers in the machine vision space.”

The business will be known as the Integrated Imaging Solutions line of business operating within Flir’s OEM and Emerging segment. Flir anticipates the business and related transaction costs will be approximately $0.01 dilutive to its 2016 earnings per share and accretive for 2017.