Barco acquires business of System Technologies
Kortrijk, Belgium, 17 January 2005 – Barco acquires the business of System Technologies, based in Torhout, Belgium. Started by Frederic Opsomer in 1995, System Technologies specializes in innovative designs for special projects in the Rental & Staging markets. The company counts designs for special projects such as the Olympics 2004 opening & closing ceremonies as well as the design of specialized elements in the upcoming worldwide U2 tour, amongst its most recent references. The company has annual sales of approximately euro 5 million and is profitable. The total cost for the transaction is less than half of sales.
The transaction will see one of Barco’s fastest growing divisions, Barco Media & Entertainment, incorporate System Technologies’ expertise into its own total solution offering toward the important Rental & Staging and fixed installation markets.
Stephan Paridaen, President, Barco Media & Entertainment, says: “At Barco, we firmly believe in the value of strategic partnerships with our Rental & Staging Partners. The acquisition of the business of System Technologies gives our Rental Partners a focused yet independent group of experts within Barco to help them realise innovative designs for extra-ordinary projects”. Paridaen continues: “Barco will work closely with its Rental Partners to gain an in-depth understanding of the creative needs and driving factors that influence the end-users (show designers) and assist them in the fulfilment of specialized creative projects”.
Frederic Opsomer, founder of System Technologies, who will head up the group within Barco, adds: “The transaction is of great strategic value to both Barco and System Technologies. By merging our operations with a long established industry player and recognized technology leader such as Barco, we become part of a network of technology and market experts which understands the business we are in. This will also allow us to continue to express our creativity, now backed by decades of technology expertise and a drive to innovate. This deal will bring great value to both parties as well as to Barco’s Rental Partners, who can now depend upon our combined yet independent expertise to help realise their projects.”
Barco Media & Entertainment provides specialized visualization solutions targeted at the needs of the Media & Entertainment industries. It counts names such as U2, Versace, Madonna, Daimler Chrysler, Merrill Lynch, Quiksilver and Deutsche Bank amongst its key references.
About Barco
Barco, an international company headquartered in Kortrijk, Belgium, provides visualization and display solutions for professional markets. Barco designs and develops solutions for large screen visualization, display solutions for life-critical applications, and systems for visual inspection. Barco is active worldwide and has its own facilities for Sales & Marketing, Customer Support, R&D and Manufacturing in Europe, North America and Asia Pacific. Barco is quoted on Euronext Brussels and is a BEL 20 and a Next 150 company (Euronext: BAR; Reuters: BARBt.BR; Bloomberg: BAR BB).
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