GSI Group Acquires SkyeTek for $2.6 Million in Cash
Summary
BEDFORD, Mass., Dec. 18, 2015 /PRNewswire/ -- GSI Group Inc. (NASDAQ: GSIG) (the "Company", "we", "our", or "GSI"), a global leader and supplier of laser, precision motion, and vision technologies to original equipment manufacturers ("OEM") in the medical and advanced industrial markets, today announced it has acquired the assets of SkyeTek, a Denver, Colorado-based provider of embedded and standalone RFID Solutions for medical OEMs for $2.6 million in cash, subject to customary working capital adjustments. SkyeTek specializes in high-performing HF and UHF RFID technologies that maximize efficiency and visibility for OEMs serving the medical and advanced industrial markets. SkyeTek will be integrated within JADAK, a GSI business unit, a global leader and supplier of HF RFID solutions, optical data collection and machine vision technologies to OEM medical device manufacturers. We are seeing more and more OEMs integrate RFID to improve their customers workflow and reduce errors, thereby giving hospital staff more time to focus on the patients," says David Miller, President of JADAK. A detailed discussion of these and other factors that may affect our future results is contained in GSIs filings with the U.S. Securities and Exchange Commission, including its most recent reports on Form 10-K, 10-Q and 8-K.
