Zebra Technologies to Acquire Healthcare Monitoring Provider Temptime
Temptime is a privately-held developer and manufacturer of temperature monitoring solutions for the healthcare industry.
LINCOLNSHIRE, Ill. — Zebra Technologies Corp. (Nasdaq: ZBRA) announced its intent to acquire Temptime Corp., a privately-held developer and manufacturer of temperature monitoring solutions for the health care industry.
Terms of the transaction were not disclosed.
Established in 1987, Temptime is a leading developer of highly differentiated technology and holds approximately 90 patents. The company’s products visually notify users if medical and biological products and shipments have experienced a temperature deviation.
Temptime’s product portfolio meets strict specifications of the largest global health organizations’ vaccination programs. The company is said to serve every global manufacturer that participates in these programs.
Renaat Van den Hooff, president and chief executive officer of Temptime, will stay on with the company and be a leader in the business integration, Zebra officials state in a release.
“The acquisition of Temptime advances the integration of smart supplies into our Enterprise Asset Intelligence vision as we incorporate temperature-monitoring capabilities,” says Anders Gustafsson, CEO of Zebra Technologies. “This acquisition aligns well with our strategy to expand into high-growth areas that are a strong fit for Zebra. We have the unique ability to scale this technology deeper into the healthcare industry and drive it into other key opportunities such as food safety that can benefit from increased asset visibility.”
Renaat Van den Hooff says the acquisition will enable the company to more quickly accelerate its innovation to benefit our customers.
“Zebra’s expertise in healthcare complements our commitment to supporting our humanitarian mission of improving global health,” Hooff says.
Zebra expects to fund the acquisition of Temptime with a combination of cash on hand along with fully committed financing available under its credit facility. Zebra expects this transaction to be immediately accretive to earnings.
The transaction is subject to customary closing conditions, including regulatory approvals and is expected to close in the first quarter of 2019.
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