MEMS sensor developer Panorama Synergy Ltd. has entered into a binding agreement to acquire the business of Hydrix Group Pty Ltd. and its related corporate bodies.

Panorama Synergy and Hydrix recently collaborated on a range of medical and agricultural technology proposals. This acquisition aims to deliver comprehensive sensor solutions and Internet of Things connectivity platforms. Mark Brydon, owner and founder of Hydrix, is to join Panorama Synergy as a member of its senior executive team. He will remain CEO of the Hydrix business.

“This is a strategically important acquisition of a business we know well,” said Peter Lewis, CEO of Panorama Synergy. “Hydrix galvanizes our business assets and opportunities, advances our product offerings and accelerates growth. We are now in an excellent position to unlock our ability to deliver comprehensive sensor solutions and Internet of Things connectivity platforms and capitalize on the rapidly growing global Internet of Things market. Joining forces with Hydrix fast-tracks our capability to enter into a number of attractive high-value markets including medical technology and defense.”

Consideration payable by Panorama Synergy for the acquisition will be a combination of up to $2 million cash and the issue of 50 million new shares. Panorama Synergy will fully fund the cash component of the consideration through a new $2.5 million loan facility.

“Combining Hydrix and Panorama Synergy creates an exciting opportunity for all stakeholders,” said Mark Brydon, CEO of Hydrix. “The two organizations are well known to each other and have a very strong culture and business fit, sharing a common desire to become a global leader in innovative technology solutions. Hydrix has a proud design heritage in transforming industries including medical technology and industrial processing for blue chip customers. I am looking forward to continuing my role as CEO of Hydrix, while also becoming part of the senior executive team of Panorama Synergy, and working with Peter and the team to deliver on the growth opportunities we see in delivering solutions that drive significant benefits for our customers.”

Hydrix is an advanced product engineering company specializing in the design and development of high-technology devices for a wide range of industries. Panorama Synergy commercializes MEMS sensor technologies.

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