Novanta Increased Ownership of Laser Quantum

Photonics and motion technology supplier Novanta Inc. has acquired an additional 35 percent of the outstanding shares of Laser Quantum Ltd. for £25.5 million in cash ($31.1 million), increasing its ownership to 76 percent.

Laser Quantum is a supplier of solid-state continuous wave lasers, femtosecond laser and optical light engines for OEMs and the medical market.

"Laser Quantum increases Novanta's breadth and technology capability in photonics solutions for medical applications,” said Matthijs Glastra, CEO of Novanta. "Particularly, it gives Novanta a significant presence in the growing DNA sequencing market, a technical subsystem capability in software-controlled integration, while also providing the company with key enabling photonics-based technologies for instrumentation and life sciences applications such as biomedical imaging, cell sorting, and ophthalmology. Our increased ownership stake brings together two highly successful photonics businesses, with an emphasis on addressing mission critical applications within the medical market."

In addition, Novanta and Laser Quantum have entered into a call and put option for the purchase of all remaining Laser Quantum outstanding shares held by the minority shareholders by 2020, subject to certain conditions.

"Laser Quantum is a high-quality business with strong intellectual property and a long-tenured team that we trust and know well,” Glastra said. "Laser Quantum and Novanta have collaborated closely for over 10 years, and this step is a natural evolution in our partnership. Furthermore, we see strong potential in selling the combined product offerings of both companies to each company's customer base."

Novanta is a supplier of technology solutions for advanced industrial and healthcare OEMs.