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HEICO acquires niche embedded computing company
HEICO Corporation's Electronic Technologies Group has acquired 89.99% of Connect Tech Inc. (CTI) for cash at closing, plus potential additional cash consideration to be paid if certain post-closing earnings levels are attained.
HEICO expects the acquisition to be accretive to its earnings within the first year following the closing. With this acquisition, the company has completed six highly specialised, niche acquisitions in its current fiscal year and four since the COVID-19 pandemic’s start. The company did not provide any further financial details. Connect Tech designs and manufactures rugged, small-form-factor embedded computing solutions and offers both standard commercial off-the-shelf products, as well as custom design services. The company is well-regarded for its computer-on-module carrier boards and GPU solutions. CTI's components are designed for the harsh environments and are primarily used in rugged commercial and industrial, aerospace and defense, transportation, and smart energy applications. Connect Tech will continue to operate and serve its customers out of its 20'000-square-foot, fully-integrated design and manufacturing facility in Guelph, Ontario. Connect Tech employs approximately 65 team members, and HEICO stated that it does not expect any staff turnover to result from the acquisition.
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