Tobii Dynavox acquires UK-based Smartbox Assistive Technology
Tobii’s largest business unit Tobii Dynavox has entered into an agreement to acquire 100% of the shares in UK-based Smartbox Assistive Technology Ltd. Through the acquisition, Tobii Dynavox will further consolidate its market leading position and strengthen its sales channels in key geographical markets. Smartbox will be fully integrated into Tobii Dynavox.
The acquisition brings together the industry leading communication software Grid from Smartbox with Tobii Dynavox’s industry-leading touch and eye-tracking solutions for assistive communication. Tobii Dynavox will now extend its product line by integrating Grid into the portfolio, forming a comprehensive and strong offering that meets a broad range of communication needs for users with disabilities.
“Smartbox has played an important role in the assistive technology for communication market globally. With their innovative software Grid and entrepreneurial spirit, they are a perfect match for Tobii Dynavox. By integrating the two entities we will have the strongest sales channels and the best products on the market,” said Fredrik Ruben, President Tobii Dynavox.
Smartbox Assistive Technology Ltd, up until now owned by Paul Hawes and family who founded the business, with main offices in Malvern and Bristol, United Kingdom, employs about 70 people. Net sales in 2017 were GBP 9,3 million, corresponding to approximately SEK 110 million. Profit margin is in line with that of Tobii Dynavox.
The acquisition is expected to be closed on October 1, 2018, and the process of integration will begin shortly. Tobii pays the owners/founders GBP 11 million in cash, corresponding to approximately SEK 130 million. The acquisition will be accretive to EPS and is financed through debt. Tobii Dynavox’s long-term financial targets remain intact. Additional financial information will be disclosed in Tobii’s interim report for the fourth quarter 2018.
This information is information that Tobii AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, on August 20, 2018, at 8.20 a.m. CET.
Sara Hyléen, Director of Corporate Communications and Investor Relations, Tobii AB, phone: +46 709 16 16 41, email: email@example.com
Fredrik Ruben, President Tobii Dynavox, phone: +46 70 427 41 10, email: firstname.lastname@example.org
Tobii is the global leader in eye tracking. Our vision is a world where all technology works in harmony with natural human behavior. Tobii operates through three business units: Tobii Dynavox makes specially designed computers that are controlled by eye movement or touch screens for use by people with special needs due to spinal cord injuries, CP, ALS or other medical conditions. Tobii Pro develops and sells eye-tracking equipment and services used today by more than 3,000 companies and 2,000 research institutions, including all of the world’s 50 highest ranked universities. Tobii Tech further develops Tobii’s technology for new volume markets, such as computer games, personal computers, virtual reality, augmented reality and smartphones. Tobii is headquartered in Sweden and is listed on Nasdaq Stockholm (TOBII). The group has about 1,000 employees. For more information, please visit www.tobii.com.