Amphion Innovations plc (AMP.L) Tuesday said its partner company Kromek, Ltd., has successfully completed the acquisition of California-based NOVA R&D, Inc. The deal strengthens the company's position in the imaging and detection market, boosts its capabilities in the field of electronics and application-specific integrated circuit design and provides Kromek with a permanent presence in the US.
The part-cash, part-stock acquisition, gives Kromek more freedom to integrate and develop core technologies, and the directors believe it will help confirm its position as one of the few companies in the world with such technical capabilities and scope.
Tumay Tumer, former CEO and President of NOVA and originator of the majority of the technology and patents will stay on as Chief Scientist, Amphion said.
UK based Kromek specialises in the development of disruptive technology solutions for a range of commercial markets. The company is pioneering the digital colour imaging of x-rays and advanced 3D imaging for the medical, security, industrial inspection and defence markets. NOVA brings a strong IP portfolio of 22 patents in the fields of imaging and radiation detection to Kromek, which complement Kromek's own patent portfolio.
AMP.L shares closed Monday's regular trading at 13.50 pence on the LSE.
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