Opus closes acquisition of Farsight
On August 4, 2017, Autologic Diagnostics, Inc., an Opus Group AB (publ) subsidiary, completed the acquisition of New York based MVDS. LLC d/b/a Farsight for a purchase price of USD1.2 million (approximately SEK 9.8 million).
Opus acquired the company under an asset purchase agreement. Farsight will be merged with Autologic within 90 days after closing, and its operations will be integrated into those of Autologic in North America. Existing products offered under the well-respected Farsight brand will continue to be supported and developed by Autologic after the integration.
“We are excited about the acquisition of Farsight as it will allow Autologic to expand its products and services to domestic vehicle brands. The acquisition also brings several former managers and automotive expert technicians back to Autologic. In addition, Farsight is a great fit with our existing subsidiary, Drew Technologies (Drew Tech) in Ann Arbor, Michigan near Detroit. Drew Tech can leverage Autologic and Farsight call center resources to expand its Remote Assist Program (RAP) Service to cover more vehicle brands” said Lothar Geilen, CEO of Opus.
Opus is a leading vehicle inspection and vehicle services company headquartered in Sweden, with operations in Europe, North and South America and Asia.
Gothenburg, August 7, 2017
Opus Group AB (publ)
For additional information, please contact:
Lothar Geilen, CEO
Tel: +46 31 748 34 00
Phone: 46 765 25 84 93
Opus is a technology driven growth company in the vehicle inspection and vehicle services markets. The company has a strong focus on customer service and innovative technology within emission and safety testing and vehicle services. The Group had approximately SEK 1.7 billion in revenues in 2016 with strong operating cash flow and good operating profitability. Opus’ plan is to double its revenues to reach USD 400 million in revenues and USD 100 million in EBITDA by 2021. The main growth is estimated to come from the expansion of the vehicle communication and services business and the international expansion of the vehicle inspection business with a primary focus on the Latin American and Asian markets. With close to 1,800 employees, Opus is headquartered in Gothenburg, Sweden. Opus has 30 regional offices of which 20 are located in the United States and the others in Stockholm, Peru, Chile, Argentina, Australia, Germany (dormant), Mexico and Pakistan. Opus has production facilities in the U.S. in Hartford, Ann Arbor and Tucson. The Opus share is listed on Nasdaq Stockholm.