Acquisition extends Zebra’s supplies portfolio and advances Enterprise Asset Intelligence vision
LINCOLNSHIRE, Ill. and MORRIS PLAINS, N.J. – Jan. 28, 2019 –Zebra Technologies Corporation (NASDAQ: ZBRA), an innovator at the edge of the enterprise with solutions and partners that enable businesses to gain a performance edge, today announced that it intends to acquire Temptime Corporation, a privately-held developer and manufacturer of temperature monitoring solutions for mission-critical applications in the healthcare industry.
Founded in 1987, Temptime is the leading developer of highly differentiated technology with approximately 90 issued patents in place. This technology visually notifies users if medical and biological products and shipments have experienced a temperature deviation. Temptime is the leader in designing and manufacturing a time-temperature monitoring product portfolio that meets the strict specifications of the largest global health organizations’ vaccination programs. Temptime serves every global manufacturer that participates in these programs.
“The acquisition of Temptime advances the integration of smart supplies into our Enterprise Asset Intelligence vision as we incorporate temperature-monitoring capabilities,” said Anders Gustafsson, chief executive officer of Zebra Technologies. “This acquisition aligns well with our strategy to expand into high-growth areas that are a strong fit for Zebra. We have the unique ability to scale this technology deeper into the healthcare industry and drive it into other key opportunities such as food safety that can benefit from increased asset visibility.”
“We are very excited to join Zebra and work together to advance our technology from visual to digital temperature indicators. This will enable us to more quickly accelerate our innovation to benefit our customers,” said Renaat Van den Hooff, president and chief executive officer of Temptime, who will be a key leader in the business integration. “Zebra’s expertise in healthcare complements our commitment to supporting our humanitarian mission of improving global health.”
Zebra expects to fund the acquisition of Temptime with a combination of cash on hand along with fully committed financing available under its credit facility. Zebra expects this transaction to be immediately accretive to earnings. The transaction is subject to customary closing conditions, including regulatory approvals and is expected to close in the first quarter of 2019. Financial terms of the acquisition are not being disclosed.
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