Israeli start-up APM Automation Solutions, founded in 2006 by Ofir Perl and Yossi Zlotnick, has been acquired by giant US company Emerson. $10 million have been invested in APM to date. The acquisition is at a valuation of tens of millions of dollars, giving a high return for the company's backers, who are private investors, among them Igal Ahouvi.
APM, based in Ranat Hahayal, has developed solids volume and level measurement instrumentation, which will become part of the Emerson Process Management business. APM’s acoustic imaging and 3D mapping technologies measure the level, volume and mass of bulk solids and powders stored inside a silo or open bin.
Emerson Process Management will expand its capabilities in solids measurement applications by adding these APM Automation Solutions technologies to its Rosemount portfolio of measurement technologies.
“The APM acquisition is an exciting step as we move further into the solids measurement market,” said Tom Moser, group vice president of Emerson Process Management’s measurement and analytical businesses. “Our customers want to be able to go to a single source for liquids, gases and solids measurement instrumentation now we can better deliver on that request. The addition of APM’s leading technology will enable Emerson to provide customers with a broad range of solids volume measurement options, from small bins up to very large bins and open piles.”
Emerson has a market cap of $48.1 billion on the New York Stock Exchange. It has annual sales of $24.4 billion and operates in 150 countries.
"This is the Apple of the computing and control industry," says Perl. APM is Emerson's first acquisition in Israel, and according to Perl it intends to set up a development center in Israel that will hire dozens of employees. About 30 people currently work at APM, mostly in Israel, with some in the US and in China.
"We began as an incubator company with finance form the Chief Scientist," says Perl. "We are an example of the success of the Chief Scientist's program. The state deserves to be congratulated." All APM's production takes place in Israel, at RH Electronics in Nazareth, and the plan is to continue that under Emerson's ownership.
Published by Globes [online], Israel business news - www.globes-online.com - on December 19, 2013
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