STOCKHOLM, Aug. 20, 2018 /PRNewswire/ -- Tobii's largest business unit Tobii Dynavox has entered into an agreement to acquire 100% of the shares in UK-based Smartbox Assistive Technology Ltd. Through the acquisition, Tobii Dynavox will further consolidate its market leading position and strengthen its sales channels in key geographical markets. Smartbox will be fully integrated into Tobii Dynavox.
The acquisition brings together the industry leading communication software Grid from Smartbox with Tobii Dynavox's industry-leading touch and eye-tracking solutions for assistive communication. Tobii Dynavox will now extend its product line by integrating Grid into the portfolio, forming a comprehensive and strong offering that meets a broad range of communication needs for users with disabilities.
"Smartbox has played an important role in the assistive technology for communication market globally. With their innovative software Grid and entrepreneurial spirit, they are a perfect match for Tobii Dynavox. By integrating the two entities we will have the strongest sales channels and the best products on the market," said Fredrik Ruben, President Tobii Dynavox.
Smartbox Assistive Technology Ltd, up until now owned by Paul Hawes and family who founded the business, with main offices in Malvern and Bristol, United Kingdom, employs about 70 people. Net sales in 2017 were GBP 9,3 million, corresponding to approximately SEK 110 million. Profit margin is in line with that of Tobii Dynavox.
The acquisition is expected to be closed on October 1, 2018, and the process of integration will begin shortly. Tobii pays the owners/founders GBP 11 million in cash, corresponding to approximately SEK 130 million. The acquisition will be accretive to EPS and is financed through debt. Tobii Dynavox's long-term financial targets remain intact. Additional financial information will be disclosed in Tobii's interim report for the fourth quarter 2018.
This information is information that Tobii AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, on August 20, 2018, at 8.20 a.m. CET.
Director of Corporate Communications and Investor Relations
President Tobii Dynavox
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Tobii Dynavox Acquires UK-based Smartbox Assistive Technology - press release - 20Aug2018