Vaisala signs contract to acquire a Canadian life science company
Vaisala strengthens its position in the life science market through the strategic acquisition of Veriteq Instruments Inc., a continuous monitoring system and data logger company based in Canada.
Veriteq is a leading provider of productized continuous monitoring systems and data logger solutions for the life science industry comprising of pharmaceutical, biotechnological and medical device companies. Veriteq Instruments Inc., reached 5 MEUR net sales in 2009. The company employs approximately 40 persons and it is located in Vancouver, Canada.
The value of the deal is 8.5 MEUR, including a conditional purchase price of 0.7 MEUR. The acquisition is expected to be closed on 31 March 2010.
Global life science industry is strictly regulated by international and national authorities. In order to protect their high value goods and to comply with the regulations, the companies need to monitor and control the conditions of their critical environments such as cleanrooms, laboratories and warehouses.
Life science is a focus area for Vaisala’s Controlled Environments business, and the acquisition of Veriteq, with its life science emphasis, aligns perfectly with Vaisala’s strategy. The life science industry represents an extensive market with a steady growth rate and demanding customers who are used to working with companies that provide the most reliable products and services.
“Vaisala is currently known as an instrument provider in the global pharmaceutical market. We want to strengthen our position by expanding our offering both to pharmaceutical and other life science customers. The Veriteq acquisition is a major step towards this goal, bringing additional knowhow, customer base, products and services to Vaisala,” says Pirjo Kortteisto, Director of Cleanrooms and Chambers market segment.
Vaisala is a global leader in environmental and industrial measurement. Building on more than 70 years of experience, Vaisala contributes to a better quality of life by providing a comprehensive range of innovative observation and measurement products and services for meteorology, weather critical operations and controlled environments.
Headquartered in Finland, Vaisala employs over 1400 professionals worldwide and is listed on the Nordic Stock Exchange, Helsinki. www.vaisala.com
Veriteq Instruments Inc. provides reliable, high quality environmental monitoring, alarming and validation solutions to the pharmaceutical, biotechnical, medical device, aerospace/defense and calibration industries. The company employs 40 persons, and is located in the greater Vancouver area in Canada. www.veriteq.com