Today it was announced that Panorama Synergy Limited (ASX: PSY) has entered into an agreement to fully acquire Hydrix through an asset purchase agreement.
This is an exciting development for both companies with the Merged Group at the forefront of designing, developing and manufacturing advanced sensor systems and integrated Internet of Things (‘IoT’) communication networks.
Hydrix will continue to service its Australian and International clients – with no changes in the Hydrix team, the way in which we work with clients and operate projects.
PSY is committed to supporting Hydrix grow its engineering services business. Engineering services are central to the PSY-Hydrix future strategy.
PSY’s CEO Peter Lewis said: “This is a strategically important acquisition of a business we know well. Hydrix galvanises our business assets and opportunities, advances our product offerings, and accelerates growth. We are now in an excellent position to unlock our ability to deliver comprehensive sensor solutions and IoT connectivity platforms and capitalise on the rapidly growing global IoT market. Joining forces with Hydrix fast-tracks our capability to enter into a number of attractive high-value markets, including medical technology and defence.”
Mark Brydon, CEO of Hydrix added: “Combining Hydrix and Panorama Synergy creates an exciting opportunity for all stakeholders. The two organisations are well known to each other, and have a very strong culture and business fit, sharing a common desire to become a global leader in innovative technology solutions. Hydrix has a proud design heritage in transforming industries, including medical technology and industrial processing for blue chip customers. I am looking forward to continuing my role as CEO of Hydrix, while also becoming part of the senior executive team of Panorama Synergy, and working with Peter and the team to deliver on the growth opportunities we see in delivering solutions that drive significant benefits for our customers.”
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