Detection Technology Plc company announcement 3 July 2023 at 09:00 (EEST)

Detection Technology has completed the acquisition of Haobo Imaging

Detection Technology Plc has completed the acquisition of Haobo Imaging. Detection Technology acquired 90% of the shares in Haobo Imaging for EUR 12 million. The acquisition was financed with cash reserves and a term loan.

The founders and management of Haobo Imaging will continue to hold 10% of the shares. Detection Technology intends to acquire the remaining shares in the future under agreed terms.

Apart from ordinary working capital items, no material liabilities were transferred in the acquisition. It is estimated that the acquired business will be earnings positive in 2025.

Sales of the acquired business will be reported as part of Detection Technology's business units, so the reporting structure of the company remains unchanged. The acquired business will be organized as part of the company's Medical Business Unit (MBU).

On 15th of March 2023, Detection Technology announced its plan to acquire X-ray flat panel detector supplier Shanghai Haobo Imaging Technology Co., Ltd and to invest in the thin-film transistor (TFT) technology in order to double its total addressable market. With the acquisition, Detection Technology's product range covers all digital X-ray imaging detector technologies.

"I am pleased to officially welcome Haobo Imaging as part of Detection Technology. This acquisition boosts the customer experience and our long-term growth," says Hannu Martola, President and CEO at Detection Technology.

Haobo Imaging has solid product platforms and strong know-how in static and dynamic TFT flat panel detectors based on a-Si (Amorphous Silicon) and IGZO (Indium Gallium Zinc Oxide) technologies. Its solutions include both hardware and software. The company has a well-established customer base and employs 40 professionals in Shanghai, China.

Further information

Hannu Martola, President and CEO
+358 500 449 475, hannu.martola@deetee.com

Nordea is the company's Certified Advisor under the Nasdaq First North GM rules.

Detection Technology is a global provider of X-ray detector solutions and services for medical, security, and industrial applications. The company's solutions range from sensor components to optimized detector subsystems with ASICs, electronics, mechanics, software, and algorithms. It has sites in Finland, China, France, and the US. The company's shares are listed on Nasdaq First North Growth Market Finland under the ticker symbol DETEC.

Distribution: Nasdaq Helsinki, key media, www.deetee.com