Luna Innovations Acquires LIOS Sensing
14 Março 2022 - 8:35AM
Business Wire
Strengthens global fiber sensing powerhouse
- LIOS Sensing’s market-leading position in distributed
temperature sensing (DTS) and strain and Luna’s suite of sensing
products forms industry’s most comprehensive portfolio
- Further expands international presence and adds to global
leadership position
- Complementary customer base provides for expanded sales
opportunities
- Allows for further expansion into high-growth markets
Luna Innovations Incorporated (NASDAQ: LUNA), a global leader in
advanced optical technology, today announced it has acquired LIOS
Sensing (“LIOS”), a division of NKT Photonics, a NKT A/S company
(NASDAQ: NKT.CO), for €20 million in cash. LIOS is a recognized
market leader in distributed fiber optic monitoring solutions for
power cable, pipelines, oilfield services, security, highways,
railways and industrial fire detection systems. The acquisition
will further expand Luna into these high-growth markets.
"The acquisition of LIOS marks an important milestone for Luna.
We are bringing together two complementary businesses which will
further support our growth trajectory," said Scott Graeff,
President and Chief Executive Officer of Luna. “Combining LIOS’s
market-leading position in temperature and strain sensing with
Luna’s broad fiber optic offerings, allows us to capitalize on
significant technology advancements and enhanced market
opportunities. We are very excited about welcoming LIOS to the Luna
team.”
Basil Garabet, NKT Photonics’ President and Chief Executive
Officer, said “We are delighted to announce the sale of LIOS
Sensing to Luna. As a respected, pure-play fiber optics company,
Luna provides expanded capabilities and solutions for our customers
and a great place to work for our employees.”
Compelling Strategic
Benefits
Luna expects that this acquisition will:
- Provide Luna with long range, fully distributed temperature and
strain sensing capability, intellectual property, products and
expertise that strongly complements Luna’s existing offerings
- Bring a diverse, blue-chip customer base, representing a
significant opportunity for cross-selling
- Expand Luna’s intellectual property portfolio to approximately
800 patents active and pending
- Augment Luna’s international presence, building upon its
already strong international customer base and sales
capability
- Generate rapid expansion opportunities into high-growth markets
such as security and perimeter detection, smart infrastructure
monitoring and oil and gas
- Leverage the combination of LIOS and Luna to rapidly grow
operations, customer base, offerings, and financial profile
Transaction Terms and
Financing
Luna is acquiring LIOS for €20 million - approximately $22
million in USD. The transaction was funded using a combination of
Luna’s cash position and its existing revolving line of credit.
LIOS will become a fully owned subsidiary of Luna Innovations
Incorporated, while continuing to operate under its existing brand
for the foreseeable future. LIOS employees will remain within the
company, with offices in Germany and the United States.
Stifel Inc. served as financial advisor and Cooley LLP served as
legal advisor to Luna.
Earnings Conference Call
Information
Luna will discuss this announcement on its fourth-quarter and
year-end 2021 earnings call, taking place today at 8:30 a.m. (ET).
The investor conference call will be available via live webcast on
the Luna website at www.lunainc.com under the tab “Investor
Relations.” To participate by telephone, the domestic dial-in
number is 844.578.9643 and the international dial-in number is
270.823.1522. The participant access code is 2096088. Investors are
advised to dial in at least five minutes prior to the call to
register. The webcast will be archived on the company’s website
under “Webcasts and Presentations” for 30 days following the
conference call.
About Luna
Luna Innovations Incorporated (www.lunainc.com) is a leader in
optical technology, providing unique capabilities in
high-performance, fiber optic-based, test products for the
telecommunications industry and distributed fiber optic-based
sensing for a multitude of industries. Luna’s business model is
designed to accelerate the process of bringing new and innovative
technologies to market.
About NKT Photonics
NKT Photonics is the leading supplier of high-performance fiber
lasers, fiber optic sensing systems, and photonic crystal fibers.
Our main markets are Medical & Life Science, Industrial,
Aerospace & Defense, and Quantum & Nano Technology. Our
products include ultrafast lasers, supercontinuum white light
lasers, low noise fiber lasers, and a wide range of specialty
fibers. NKT Photonics has its headquarters in Denmark with sales
and service worldwide. NKT Photonics is wholly owned by NKT
A/S.
Forward-Looking
Statements
The statements in this release that are not historical facts
constitute “forward-looking statements” made pursuant to the safe
harbor provision of the Private Securities Litigation Reform Act of
1995 that involve risks and uncertainties. These statements include
Luna's expectations regarding its technological and product
capabilities, the nature of its market position, technological
advancement, the integration of LIOS Sensing’s employees,
intellectual property position and portfolio, and other expected
benefits of the acquisition, including the breadth of product
offerings, complimentary products, expertise and sales
opportunities and the ability to expand offerings to Luna’s and
LIOS Sensing’s customer groups, the ability to establish a strong
international presence, potential operational improvements and the
ability to expand into additional high-growth markets,. Management
cautions the reader that these forward-looking statements are only
predictions and are subject to a number of both known and unknown
risks and uncertainties, and actual results, performance, and/or
achievements of Luna may differ materially from the future results,
performance, and/or achievements expressed or implied by these
forward-looking statements as a result of a number of factors.
These factors include, without limitation, uncertainties regarding
integration of the companies’ respective employee bases, offerings
and business operations, potential adverse reactions or
uncertainties regarding the acquisition among the companies’
customers, potential unknown liabilities and unforeseen expenses
associated with the acquisition, potential performance shortfalls
as a result of the diversion of management’s attention caused by
completing the acquisition and integrating the companies’
operations, failure of demand for Luna's products and services to
meet expectations, failure of target market to grow and expand,
technological and strategic challenges, geopolitical and economic
factors and those risks and uncertainties set forth in Luna’s Form
10-Q for the three and nine months ended September 30, 2021, Luna’s
Form 10-K for the period ended December 31, 2021, and Luna's other
periodic reports and filings with the Securities and Exchange
Commission ("SEC"). Such filings are available on the SEC’s website
at www.sec.gov and on Luna’s website at www.lunainc.com. The
statements made in this release are based on information available
to Luna as of the date of this release and Luna undertakes no
obligation to update any of the forward-looking statements after
the date of this release.
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version on businesswire.com: https://www.businesswire.com/news/home/20220314005075/en/
Investor Contact: Allison
Woody Phone: 540-769-8465 Email: IR@lunainc.com
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