Image Scan Holdings plc, X-ray imaging specialists for the security and industrial inspection markets, is acquiring the entire issued share capital of Todd Research Limited, a developer and manufacturer of X-ray systems for security purposes, from Supply 999 Holdings Limited.
Todd Research has reported revenues of £2.1m, generating gross profit of £1.4 million and profit before tax of £0.47 million in the 12 months ended 31 March 2018.
Image scan is buying the manufacturers for £3.25m.
Bill Mawer, Executive Chairman and Chief Executive Officer of Image Scan said: “Image Scan is excited by the opportunities which this acquisition brings. We already know Todd Research well, having successfully sold their cabinet X-ray systems over the last two years.
For us, the acquisition is about quality of earnings and growth and, with its recurring revenue, high profitability and synergistic product range Todd Research will significantly enhance our business.
“Our immediate focus will be to develop new export channels through our extensive network of international partners and we are already primed to do this.”