Belgium's Zetes SA (Euronext Brussels: ZTS) has acquired supply chain traceability solutions developer ImageID Ltd. for an undisclosed amount.
Zetes stated, "This acquisition will have no significant impact on the balance sheet structure." However, since Zetes had €16.5 million in cash at the end of June, the price paid for ImageID was presumably only a few million euros, and given that since ImageID raised $34 million, according to IVC Online, ImageID has become the latest Israeli start-up acquired for less than the capital invested in it.
Hod Hasharon-based ImageID was founded by chairman Moti Shniberg in 1998. It originally tried to develop digital imaging processors, before switching to its current business, the development of monitors for the movement of goods. Most of its customers are European logistics companies.
Investors include Shamrock Holdings, smac Partners, Nomura Securities Inc., and Noga Investments in Technologies Ltd
Zetes has a market cap of €86 million. It is a pan-European provider of solutions and services for the automatic identification of goods and people. It acquired the ImageID's business, assets, patents, and intellectual property. About twelve of ImageID's employees will join the Zetes Competence Center, a new division that will offer ImageID’s Visidot solution for the tracking and tracing of high volumes of products across Europe.
Zetes CEO Alain Wirtz said, “ImageID’s solutions have a great potential and integrate very well within our identification solutions portfolio for the supply chain."
He added, "Zetes teams already have experience in the implementation of Visidot, as the company has partnered with ImageID for the Campofrio project. These internal competences will now be reinforced. We are therefore very confident about the further development of this business in Europe."
ImageID’s Visidot solution uses imaging technology to identify hundreds of barcodes in only a few seconds, with 100% accuracy. Visidot is able to detect in parallel wrong and missing labels, storing digital images for improved quality assurance. It is particularly valuable in the challenging environment of perishable foods such as meat, poultry, fish and bread processing and distribution, electronics, automotive and returnable assets such as pallets and crates, where classical barcode scanners and RFID fail to deliver satisfactory results.
Visidot has been installed at Germany's Emsland Frischgeflugel, Britain's Seachill and Kautex Unipart, France's Mix Buffet and Groupe Jacquet, and Spain's Campofrio.
Published by Globes [online], Israel business news - www.globes-online.com - on December 1, 2009
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