Harlequin Rip developer Global Graphics has acquired Cambridge-based TTP Meteor. Through relationships with inkjet printhead manufacturers including Fujifilm Dimatix, Konica Minolta, Kyocera, Ricoh, SII Printek, Toshiba TEC and Xaar, Meteor supplies production-ready electronics and software to print equipment manufacturers. It is expected that the company name will change from TTP Meteor to Meteor Inkjet.
“Healthy growth is predicted for the inkjet segment of digital printing where there continues to be a vast amount of innovation as jetting technology is applied to an increasingly diverse range of applications such as ceramics, textiles or décor. Global Graphics is already emerging as an important partner to the industry’s leading manufacturers and Meteor adds to our capability, making us a very compelling proposition in the market. We already share joint customers and our goal is to substantially grow this base,” said Gary Fry, Global Graphics’ CEO.
He added: “Meteor has established itself as an influential player in the inkjet market and has a deep understanding of the science and engineering underpinning digital printing. This acquisition is strategically important for Global Graphics because it means we can offer a broader solution to inkjet press manufacturers by combining our software solutions with Meteor’s industrial printhead driver solutions.
Clive Ayling, Meteor’s managing director said: “We are looking forward to working with Global Graphics to accelerate the growth of our business whilst we continue to deliver the world-class products and support that our customers have come to expect.”
Consideration for the acquisition is £1.2m in cash followed by a maximum deferred consideration of £3.6m. The deferred consideration is payable in cash and is contingent on revenue during the ten year period from 6 December 2016 until 31 December 2026.
For the year ended 31 March 2016, Meteor generated sales of £2.5m and a loss before tax of £0.2m. For the eight months ended 25 November 2016 Meteor’s management accounts showed sales of £2.5m and a profit before tax of £0.3m. The acquisition is expected to be earnings enhancing in the financial year ending 31 December 2017.