The acquisition of the UK-based company adds the valuable IoT and wireless condition monitoring sectors to the Group's portfolio
QUÉBEC, CANADA - Eddyfi/NDT announced today the acquisition of London-based Senceive Ltd ("Senceive"), a world leader in the design, manufacture and continuous improvement of wireless condition monitoring technology that meets the challenges of complex infrastructure needs in a wide range of industry sectors. Senceive will join Eddyfi/NDT as a separate entity and becomes the group's fifth platform and business unit, continuing to operate under the Senceive name. In addition, with this acquisition, Eddyfi/NDT reaches an important milestone of 10 acquisitions within the past 5 years.
For over 15 years, Senceive has focused on bringing the very best intelligent wireless enabled condition monitoring to industrial applications within the IoT (Internet of Things) space. Senceive's experts were among the first to recognize the immense potential of easy-to-use, precise, reliable, and long-life wireless remote monitoring, explicitly for the challenging and risk conscious civil engineering, rail, and mining environments. Doing so, they empowered those responsible for infrastructure management, construction, and maintenance to proceed with confidence.
Wireless condition monitoring technology that meets the challenges of complex infrastructure (CNW Group/Eddyfi/NDT)
"Eddyfi/NDT has always valued the importance of confidence in asset owners' decision-making and understands the pivotal role that remote monitoring plays in keeping both people and infrastructure safe. We are no strangers to the concept of repeatable, high-quality data, for integrity management. Today, with the acquisition of Senceive, we are taking our first steps in infrastructure monitoring; a critical, dynamic, and huge market segment powered by innovation and technological advances. The timing is perfect to increase focus on this sector, with the global pandemic clearly demonstrating the need to minimize site visits by using wireless remote monitoring solutions" said Martin Theriault, CEO of Eddyfi/NDT. "With the strength within our Group and experience across other challenging industry sectors, we believe we can be the "go-to company" for infrastructure monitoring around the world. Within Senceive, we have seen a lot of what has made us successful so far: they are a company that is well managed and established, they are growing rapidly and are respected and genuine leaders. Furthermore, and most importantly, they are driven by their global customer base, sparking product innovation and daring to challenge conventions for the greater benefit of the global community" adds Mr. Theriault.
Senceive's CEO, Graham Smith, stated "Joining Eddyfi/NDT is an extremely exciting opportunity for everyone at Senceive and will provide significant strategic, financial and commercial benefits to reinforce and enhance our market leadership in the wireless enabled remote condition monitoring sector. The business has been growing at a rate of 50-100% over recent years and the opportunities for continued high levels of growth, both organically and through selective acquisitions, are huge, with the existing platforms of people and technology that we have built over 15 years. We think this partnership brings together two outstanding and complementary brands ready to take on new challenges together. Already, I can see that Senceive and Eddyfi/NDT's teams are true kindred spirits, sharing the same will to succeed and to be recognised globally as the de-facto standard for all clients and partners across our applications. I believe we will now have the resources, investment, backing and imagination to make that a reality."
The transaction was financed by a bank syndicate led by National Bank of Canada. EC M&A is acting as exclusive financial advisor to Senceive. McCarthy Tétrault acted as lead legal advisor to Eddyfi/NDT and TLT as the legal advisor for Senceive.
Eddyfi/NDT is a fast-growing, innovative, and private industrial technology group focused on advanced diagnostic technologies to monitor the world's infrastructure health. The Group serves asset owners, large engineering firms, and service companies globally in markets such as Aerospace, Civil Infrastructure, Energy, Mining, Power Generation, and Rail. Eddyfi/NDT believes that advancing science and technology via sensors, hardware, robotics, and software makes the world more productive and safer for people, business, and nature. The company employs over 1,300 people throughout 28 offices worldwide and serves clients in more than 110 countries.
Since formation in the research labs of University College London in 2005, Senceive has pioneered the development of intelligent wireless enabled condition monitoring for industrial applications within the IoT (Internet of Things) space. Senceive's experts were among the first to recognize the immense potential of easy to use, precise, reliable, and long-life wireless remote monitoring, explicitly for challenging and risk-conscious Civil Engineering, Rail and Mining applications. Senceive employs 60 people and operates in 40 countries. The company has satellite offices in Australia and New York.