Panorama Synergy has announced that it has entered into a binding agreement to acquire the business of Hydrix Group and its related bodies corporate.
Hydrix is a Melbourne-based product engineering company, building technologically advanced products ranging from high-end medical devices to industrial and defence-related systems across Australia, North America and Europe.
Hydrix partners with its customers to create smart and connected IoT products that change people’s lives and accelerate business success. The company’s impressive client list includes blue chip global companies such as Siemens, HP and Philips, as well as many large Australian SMEs and start-ups.
PSY and Hydrix currently enjoy a close working relationship, having recently collaborated on a range of medical and agricultural technology proposals.
Features of the acquisition include:
- Combination of highly complementary capabilities to deliver comprehensive sensor solutions and IoT connectivity platforms
- Strong strategic and cultural fit between Hydrix and PSY
- Mark Brydon the owner and founder of Hydrix is to join PSY as a member of its senior executive team, and will remain as CEO of the Hydrix business, fully committed to the Company’s growth strategy in product engineering, and the global sensor and IoT markets
- Consideration payable by PSY for the acquisition will be a combination of up to $2 million cash and the issue of 50 million new PSY shares
- PSY will fully fund the cash component of the consideration via a new $2.5 million loan facility
- Hydrix’s average trading results (unaudited) over the last 4 years were $13.5 million p.a. in revenue and $1.5 million EBIT p.a.