Artificial Intelligence
Mitek Reports Record Revenue for Third Quarter Fiscal 2020
SAN DIEGO, July 30, 2020 (GLOBE NEWSWIRE) — Mitek (NASDAQ: MITK, http://www.miteksystems.com) today reported record revenue with significant increases in both GAAP and non-GAAP net income for the fiscal third quarter ended June 30, 2020. Total revenue increased 16% year over year, fueled by an increase in demand for both mobile deposit and identity verification capabilities, as more people and businesses transact online.
Fiscal Third Quarter 2020 Financial Highlights
- Total revenue increased 16% year over year to $25.4 million in a record quarter.
- GAAP net income was $1.3 million, or $0.03 per diluted share.
- Non-GAAP net income increased 43% year over year to $6.8 million, or $0.16 per diluted share.
- Cash flow from operations was $9.0 million.
- Total cash and investments were $52.2 million at the end of the fiscal third quarter.
Commenting on the results, Max Carnecchia, CEO of Mitek, said:
“Our record revenue and strong financial performance demonstrate the benefits of our technology solutions in this rapidly shifting digital economy. We are committed to helping our customers and partners navigate the challenging environment as they accelerate their digital transformation.”
Mitek is committed to providing convenience while preventing fraud in the digital world. The company’s technology ensures that more businesses can transact digitally and secure their platforms through easy, fast and secure identity verification. Also, Mitek remains the clear market leader with its remote check deposit solution, with more than 7,000 financial organizations using its products, and more than four billion transactions.
Conference Call Information
Mitek management will host a conference call and live webcast for analysts and investors today at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss the company’s financial results.
To access the live call, dial 800-437-2398 (US and Canada) or +1 856-344-9206 (International) and give the participant passcode 3328519.
A live and archived webcast of the conference call will be accessible on the Investor Relations section of the company’s website at http://www.miteksystems.com. In addition, a phone replay will be available approximately two hours following the end of the call, and it will remain available for one week. To access the call replay dial-in information, please click here.
About Mitek
Mitek (NASDAQ: MITK) is a global leader in mobile capture and digital identity verification built on the latest advancements in computer vision and artificial intelligence. Mitek’s identity verification solutions enable organizations to verify an individual’s identity during digital transactions to reduce risk and meet regulatory requirements, while increasing revenue from digital channels. More than 7,500 organizations use Mitek to enable trust and convenience for mobile check deposit, new account opening and more. Mitek is based in San Diego, Calif., with offices across the U.S. and Europe. Learn more at www.miteksystems.com. [(MITK-F)]
Follow Mitek on LinkedIn, Twitter and YouTube, and read Mitek’s latest blog posts here.
Notice Regarding Forward-Looking Statements
Statements contained in this news release relating to the company’s or management’s intentions, hopes, beliefs, expectations or predictions of the future, including, but not limited to, statements relating to the company’s long-term prospects and market opportunities are forward-looking statements. Such forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to, risks related to the company’s ability to withstand negative conditions in the global economy, the extent to which the COVID-19 outbreak and measures taken in response thereto impact our business, results of operations and financial condition, a lack of demand for or market acceptance of the company’s products, the company’s ability to continue to develop, produce and introduce innovative new products in a timely manner or the outcome of any pending or threatened litigation and the timing of the implementation and launch of the company’s products by the company’s signed customers.
Additional risks and uncertainties faced by the company are contained from time to time in the company’s filings with the U.S. Securities and Exchange Commission (SEC), including, but not limited to, the company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2019, and its quarterly reports on Form 10-Q and current reports on Form 8-K, which you may obtain for free on the SEC’s website at http://www.sec.gov. Collectively, these risks and uncertainties could cause the company’s actual results to differ materially from those projected in its forward-looking statements and you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The company disclaims any intention or obligation to update, amend or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Note Regarding Use of Non-GAAP Financial Measures
This news release contains non-GAAP financial measures for non-GAAP net income and non-GAAP net income per share that exclude stock compensation expenses, intellectual property litigation costs, acquisition-related costs and expenses, costs associated with our strategic process, executive transition costs, restructuring costs, income tax effect of pre-tax adjustments, and the cash tax difference. These financial measures are not calculated in accordance with generally accepted accounting principles (GAAP) and are not based on any comprehensive set of accounting rules or principles. In evaluating the company’s performance, management uses certain non-GAAP financial measures to supplement financial statements prepared under GAAP. Management believes these non-GAAP financial measures provide a useful measure of the company’s operating results, a meaningful comparison with historical results and with the results of other companies, and insight into the company’s ongoing operating performance. Further, management and the Board of Directors utilize these non-GAAP financial measures to gain a better understanding of the company’s comparative operating performance from period-to-period and as a basis for planning and forecasting future periods. Management believes these non-GAAP financial measures, when read in conjunction with the company’s GAAP financial statements, are useful to investors because they provide a basis for meaningful period-to-period comparisons of the company’s ongoing operating results, including results of operations against investor and analyst financial models, which helps identify trends in the company’s underlying business and provides a better understanding of how management plans and measures the company’s underlying business.
MITEK SYSTEMS, INC. | |||||||
CONSOLIDATED BALANCE SHEETS | |||||||
(Unaudited) | |||||||
(amounts in thousands except share data) | |||||||
June 30, 2020 | September 30, 2019 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 18,938 | $ | 16,748 | |||
Short-term investments | 30,281 | 16,502 | |||||
Accounts receivable, net | 12,943 | 14,938 | |||||
Contract assets | 3,410 | 2,350 | |||||
Prepaid expenses | 2,016 | 1,487 | |||||
Other current assets | 1,454 | 2,105 | |||||
Total current assets | 69,042 | 54,130 | |||||
Long-term investments | 2,942 | 1,552 | |||||
Property and equipment, net | 3,638 | 4,231 | |||||
Right-of-use assets | 5,683 | — | |||||
Goodwill and intangible assets | 54,400 | 57,041 | |||||
Deferred income tax assets | 15,875 | 16,596 | |||||
Other non-current assets | 5,647 | 2,347 | |||||
Total assets | $ | 157,227 | $ | 135,897 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 4,304 | $ | 3,555 | |||
Accrued payroll and related taxes | 7,375 | 6,410 | |||||
Deferred revenue, current portion | 9,089 | 5,612 | |||||
Lease liabilities, current portion | 1,651 | — | |||||
Acquisition-related contingent consideration | 686 | 1,036 | |||||
Restructuring accrual | 220 | 1,526 | |||||
Other current liabilities | 942 | 1,909 | |||||
Total current liabilities | 24,267 | 20,048 | |||||
Deferred revenue, non-current portion | 1,240 | 736 | |||||
Lease liabilities, non-current portion | 5,674 | — | |||||
Deferred income tax liabilities | 5,699 | 5,555 | |||||
Other non-current liabilities | 964 | 2,225 | |||||
Total liabilities | 37,844 | 28,564 | |||||
Stockholders’ equity: | |||||||
Preferred stock, $0.001 par value, 1,000,000 shares authorized, none issued and outstanding, as of June 30, 2020 and September 30, 2019 | — | — | |||||
Common stock, $0.001 par value, 60,000,000 shares authorized, 41,282,779 and 40,367,456 issued and outstanding, as of June 30, 2020 and September 30, 2019, respectively | 41 | 40 | |||||
Additional paid-in capital | 140,915 | 132,160 | |||||
Accumulated other comprehensive loss | (2,581 | ) | (4,061 | ) | |||
Accumulated deficit | (18,992 | ) | (20,806 | ) | |||
Total stockholders’ equity | 119,383 | 107,333 | |||||
Total liabilities and stockholders’ equity | $ | 157,227 | $ | 135,897 | |||
MITEK SYSTEMS, INC. | |||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
(Unaudited) | |||||||||||||||
(amounts in thousands except per share data) | |||||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Revenue | |||||||||||||||
Software and hardware | $ | 13,212 | $ | 11,888 | $ | 36,180 | $ | 32,468 | |||||||
Services and other | 12,201 | 10,018 | 34,492 | 27,104 | |||||||||||
Total revenue | 25,413 | 21,906 | 70,672 | 59,572 | |||||||||||
Operating costs and expenses | |||||||||||||||
Cost of revenue—software and hardware | 623 | 838 | 2,258 | 2,590 | |||||||||||
Cost of revenue—services and other | 2,873 | 2,330 | 7,357 | 6,447 | |||||||||||
Selling and marketing | 7,791 | 6,935 | 22,569 | 20,895 | |||||||||||
Research and development | 5,111 | 4,663 | 14,540 | 14,441 | |||||||||||
General and administrative | 5,884 | 5,074 | 16,382 | 15,743 | |||||||||||
Acquisition-related costs and expenses | 1,697 | 1,761 | 4,884 | 5,361 | |||||||||||
Restructuring costs | — | 3,214 | (114 | ) | 3,214 | ||||||||||
Total operating costs and expenses | 23,979 | 24,815 | 67,876 | 68,691 | |||||||||||
Operating income (loss) | 1,434 | (2,909 | ) | 2,796 | (9,119 | ) | |||||||||
Other income, net | 145 | 98 | 480 | 252 | |||||||||||
Income (loss) before income taxes | 1,579 | (2,811 | ) | 3,276 | (8,867 | ) | |||||||||
Income tax benefit (provision) | (231 | ) | 2,712 | (460 | ) | 4,861 | |||||||||
Net income (loss) | $ | 1,348 | $ | (99 | ) | $ | 2,816 | $ | (4,006 | ) | |||||
Net income (loss) per share—basic | $ | 0.03 | $ | (0.00 | ) | $ | 0.07 | $ | (0.10 | ) | |||||
Net income (loss) per share—diluted | $ | 0.03 | $ | (0.00 | ) | $ | 0.07 | $ | (0.10 | ) | |||||
Shares used in calculating net income (loss) per share—basic | 41,483 | 39,936 | 41,251 | 39,034 | |||||||||||
Shares used in calculating net income (loss) per share—diluted | 42,428 | 39,936 | 42,239 | 39,034 | |||||||||||
MITEK SYSTEMS, INC. | |||||||||||||||
NON-GAAP NET INCOME RECONCILIATION | |||||||||||||||
(Unaudited) | |||||||||||||||
(amounts in thousands except per share data) | |||||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Net income (loss) | $ | 1,348 | $ | (99 | ) | $ | 2,816 | $ | (4,006 | ) | |||||
Non-GAAP adjustments: | |||||||||||||||
Acquisition-related costs and expenses | 1,697 | 1,761 | 4,884 | 5,361 | |||||||||||
Intellectual property litigation costs | 998 | 334 | 2,032 | 334 | |||||||||||
Costs associated with strategic process | — | 141 | — | 1,224 | |||||||||||
Executive transition costs(1) | — | — | — | 251 | |||||||||||
Stock compensation expense | 2,501 | 2,268 | 7,112 | 7,291 | |||||||||||
Restructuring costs | — | 3,214 | (114 | ) | 3,214 | ||||||||||
Income tax effect of pre-tax adjustments | (1,195 | ) | (1,735 | ) | (3,200 | ) | (3,972 | ) | |||||||
Cash tax difference(2) | 1,426 | (1,133 | ) | 3,660 | (1,162 | ) | |||||||||
Non-GAAP net income | 6,775 | 4,751 | 17,190 | 8,535 | |||||||||||
Non-GAAP income per share—basic | $ | 0.16 | $ | 0.12 | $ | 0.42 | $ | 0.22 | |||||||
Non-GAAP income per share—diluted | $ | 0.16 | $ | 0.12 | $ | 0.41 | $ | 0.21 | |||||||
Shares used in calculating non-GAAP net income per share—basic | 41,483 | 39,936 | 41,251 | 39,034 | |||||||||||
Shares used in calculating non-GAAP net income per share—diluted | 42,428 | 41,209 | 42,239 | 40,821 |
(1) | Comprised of costs associated with the transition of the company’s former executive officers. Our non-GAAP financial measures exclude these transition costs as we believe that such expense is inconsistent with the normally recurring operations of our company and the inclusion of these costs makes it difficult to make period-to-period comparisons of our operating performance. |
(2) | The company’s non-GAAP net income is calculated using a cash tax rate of 0% and 3% in fiscal years 2020 and 2019, respectively. The estimated cash tax rate is the estimated tax payable on the company’s tax returns as a percentage of estimated annual non-GAAP pre-tax net income. The company uses an estimated cash tax rate to adjust for the historical variation in the effective book tax rate associated with the reversal of valuation allowances, the utilization of research and development tax credits, and the utilization of loss carryforwards which currently have an overall effect of reducing taxes payable. The company believes that the cash tax rate provides a more transparent view of the company’s operating results. The company’s effective tax rate used for the purposes of calculating GAAP net income (loss) for the three months ended June 30, 2020 and 2019 was 15% and 96%, respectively. The company’s effective tax rate used for the purposes of calculating GAAP net income (loss) for the nine months ended June 30, 2020 and 2019 was 14% and 55%, respectively. |
________________
Investor Contact:
Todd Kehrli or Jim Byers
MKR Group, Inc.
[email protected]
Artificial Intelligence
Cognitive Security Market Projected to Reach $134.26 billion by 2030 – Exclusive Report by 360iResearch
PUNE, India, April 26, 2024 /PRNewswire/ — The report titled “Cognitive Security Market by Component (Services, Solutions), Security Type (Application, Cloud, Cybersecurity), Application, Deployment Mode, Enterprise Type, Vertical – Global Forecast 2024-2030” is now available on 360iResearch.com’s offering, presents an analysis indicating that the market projected to grow from a size of $19.50 billion in 2023 to reach $134.26 billion by 2030, at a CAGR of 31.73% over the forecast period.
“The Global Rise of Cognitive Solutions Against Cyber Threats”
The field of cognitive security, leveraging the latest in artificial intelligence (AI), machine learning (ML), and data analytics, is reshaping the way physical and digital assets are protected from cyber threats. This innovative approach learns from user interactions with systems and data, enabling real-time threat detection and a more dynamic defense strategy. Across industries, including finance, healthcare, retail, and government, cognitive security applications, such as fraud detection and cyber defense, are becoming vital in navigating the complex threat landscape. Challenges in integrating with older systems and opportunities include advancements in AI and technology. Globally, the cognitive security market is witnessing rapid growth, driven by high American demand and significant investments in the Asia-Pacific region. In Europe, stringent regulations such as GDPR drive the demand for compliant solutions, while in the Middle East and Africa, the expanding telecom sector highlights the need for robust cybersecurity measures. This global momentum highlights the critical role of cognitive security in an interconnected world, ensuring businesses and governments can overcome cyber threats.
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“The Essential Role of Cognitive Security in Today’s Digital Age”
As digital transformation reshapes industries, the surge in data generation and intricate data management challenges have outpaced traditional cyber defense mechanisms. Cognitive security adept at processing and analyzing vast arrays of data in real-time, uncovering patterns and anomalies indicative of cybersecurity threats. This advanced approach enables proactive threat detection and swift response measures, significantly mitigating the risks of data breaches and cyber incidents. Cognitive security solutions adeptly handle diverse data types at unparalleled speeds, offering insights typically elusive to manual analysis by harnessing the power of automation. These systems excel at unveiling sophisticated attacks, skillfully hidden within normal network activities, and continuously evolve through machine learning. This perceptual adaptation is vital in a landscape where cyber threats rapidly transform, and digitalization ushers in new vulnerabilities. Cognitive security is a staunch supporter for organizations, ensuring their security policies remain in lockstep with the ever-evolving cyber threat environment and regulatory demands, thus fortifying digital defenses in an increasingly connected world.
“Enhancing Digital Security through Advanced Cognitive Technologies”
In an era where cyber threats are constantly evolving, the importance of robust digital security mechanisms cannot be overstated. The approach encompasses a suite of essential services that ensure the effective operation and continuous improvement of cognitive security systems. These include the meticulous deployment and integration of these systems into existing organizational structures, ensuring they work seamlessly with current technologies and protocols. Ongoing support and maintenance to keep these systems at the forefront of cyber defense, alongside training and consulting to empower staff with the knowledge and skills needed to optimize these advanced security solutions. Cutting-edge technologies include biometric recognition, digital signature authentication, real-time security analytics, and a unified platform managing security logs and data. Each component is vital role in creating a secure digital environment that identifies threats and enables swift, informed responses to protect organizational assets and data.
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“International Business Machines Corporation at the Forefront of Cognitive Security Market with a Strong 8.44% Market Share”
The key players in the Cognitive Security Market include Google LLC by Alphabet Inc., Microsoft Corporation, Fortinet, Inc., International Business Machines Corporation, Cisco Systems, Inc., and others. These prominent players focus on strategies such as expansions, acquisitions, joint ventures, and developing new products to strengthen their market positions.
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We proudly unveil ThinkMi, a cutting-edge AI product designed to transform how businesses interact with the Cognitive Security Market. ThinkMi stands out as your premier market intelligence partner, delivering unparalleled insights with the power of artificial intelligence. Whether deciphering market trends or offering actionable intelligence, ThinkMi is engineered to provide precise, relevant answers to your most critical business questions. This revolutionary tool is more than just an information source; it’s a strategic asset that empowers your decision-making with up-to-the-minute data, ensuring you stay ahead in the fiercely competitive Cognitive Security Market. Embrace the future of market analysis with ThinkMi, where informed decisions lead to remarkable growth.
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“Dive into the Cognitive Security Market Landscape: Explore 192 Pages of Insights, 760 Tables, and 28 Figures”
PrefaceResearch MethodologyExecutive SummaryMarket OverviewMarket InsightsCognitive Security Market, by ComponentCognitive Security Market, by Security TypeCognitive Security Market, by ApplicationCognitive Security Market, by Deployment ModeCognitive Security Market, by Enterprise TypeCognitive Security Market, by VerticalAmericas Cognitive Security MarketAsia-Pacific Cognitive Security MarketEurope, Middle East & Africa Cognitive Security MarketCompetitive LandscapeCompetitive PortfolioInquire Before Buying @ https://www.360iresearch.com/library/intelligence/cognitive-security
Related Reports:
Cognitive Radio Market – Global Forecast 2024-2030Cognitive Electronic Warfare System Market – Global Forecast 2024-2030Cognitive Data Management Market – Global Forecast 2024-2030About 360iResearch
Founded in 2017, 360iResearch is a market research and business consulting company headquartered in India, with clients and focus markets spanning the globe.
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Artificial Intelligence
IBM, Government of Canada, Government of Quebec Sign Agreements to Strengthen Canada’s Semiconductor Industry
Up to $187M CAD to be invested to progress expansion of chip packaging capacity and capabilities and to strengthen R&D at IBM Canada’s Bromont plant
BROMONT, QC, April 26, 2024 /PRNewswire/ — IBM (NYSE: IBM), the Government of Canada, and the Government of Quebec today announced agreements that will strengthen Canada’s semiconductor industry, and further develop the assembly, testing and packaging (ATP) capabilities for semiconductor modules to be used across a wide range of applications including telecommunications, high performance computing, automotive, aerospace & defence, computer networks, and generative AI, at IBM Canada’s plant in Bromont, Quebec. The agreements reflect a combined investment valued at approximately $187M CAD.
“Today’s announcement is a massive win for Canada and our dynamic tech sector. It will create high-paying jobs, invest in innovation, strengthen supply chains, and help make sure the most advanced technologies are Canadian-made. Semiconductors power the world, and we’re putting Canada at the forefront of that opportunity,” said the Right Honourable Justin Trudeau, Prime Minister of Canada
In addition to the advancement of packaging capabilities, IBM will be conducting R&D to develop methods for scalable manufacturing and other advanced assembly processes to support the packaging of different chip technologies, to further Canada’s role in the North American semiconductor supply chain and expand and anchor Canada’s capabilities in advanced packaging.
The agreements also allow for collaborations with small and medium-sized Canadian-based enterprises with the intent of fostering the development of a semiconductor ecosystem, now and into the future.
“IBM has long been a leader in semiconductor research and development, pioneering breakthroughs to meet tomorrow’s challenges. With the demand for compute surging in the age of AI, advanced packaging and chiplet technology is becoming critical for the acceleration of AI workloads,” said Darío Gil, IBM Senior Vice President and Director of Research. “As one of the largest chip assembly and testing facilities in North America, IBM’s Bromont facility will play a central role in this future. We are proud to be working with the governments of Canada and Quebec toward those goals and to build a stronger and more balanced semiconductor ecosystem in North America and beyond.”
IBM Canada’s Bromont plant is one of North America’s largest chip assembly and testing facilities, having operated in the region for 52 years. Today, the facility transforms advanced semiconductor components into state-of-the-art microelectronic solutions, playing a key role in IBM’s semiconductor R&D leadership alongside IBM’s facilities at the Albany NanoTech Complex and throughout New York’s Hudson Valley. These agreements will help to further establish a corridor of semiconductor innovation from New York to Bromont.
“Advanced packaging is a crucial component of the semiconductor industry, and IBM Canada’s Bromont plant has led the world in this process for decades,” said Deb Pimentel, president of IBM Canada. “Building upon IBM’s 107-year legacy of technology innovation and R&D in Canada, the Canadian semiconductor industry will now become even stronger, allowing for robust supply chains and giving Canadians steady access to even more innovative technologies and products. This announcement represents just one more example of IBM’s leadership and commitment to the country’s technology and business landscape.”
Chip packaging, the process of connecting integrated circuits on a chip or circuit board, has become more complex as electronic devices have shrunk and the components of chips themselves get smaller and smaller. IBM announced the world’s first 2 nanometer chip technology in 2021 and, as the semiconductor industry moves towards new methods of chip construction, advances in packaging will grow in importance.
“Semiconductors are part of our everyday life. They are in our phones, our cars, and our appliances. Through this investment, we are supporting Canadian innovators, creating good jobs, and solidifying Canada’s semiconductor industry to build a stronger economy. Canada is set to play a larger role in the global semiconductor industry thanks to projects like the one we are announcing today. Because, when we invest in semiconductor and quantum technologies, we invest in economic security.” — The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry
“This investment by IBM in Bromont will ensure that Quebec continues to stand out in the field of microelectronics. An increase in production capacity will solidify Quebec’s position in the strategic microelectronics sector in North America.” — The Honourable Pierre Fitzgibbon, Minister of Economy, Innovation and Energy, Minister responsible for Regional Economic Development and Minister responsible for the Metropolis and the Montreal region
About IBMIBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. More than 4,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in semiconductors, AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service. Visit www.ibm.com for more information.
Media ContactLorraine BaldwinIBM [email protected]
Willa HahnIBM [email protected]
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Artificial Intelligence
HITACHI ACQUIRES MA MICRO AUTOMATION OF GERMANY IN EFFORT TO ACCELERATE GLOBAL EXPANSION OF ROBOTIC SI BUSINESS IN THE MEDICAL AND OTHER FIELDS
HOLLAND, Mich., April 26, 2024 /PRNewswire/ — Hitachi Ltd. (TSE: 6501, “Hitachi”) has signed a stock purchase agreement on April 26 to acquire all shares of MA micro automation GmbH (“MA micro automation”, headquartered in St. Leon-Rot, Germany) from MAX Management GmbH (a subsidiary of MAX Automation SE). MA micro automation is a leading provider of robotic and automation technology (robotic SI) including high-speed linear handling systems, high-precision assembly lines, and high-speed vision inspection technology for Europe, North America, and Southeast Asia, for EUR 71.5M million. The transaction is expected to close in the second half of 2024, pending completion of the customary regulatory filings. After the acquisition is completed, MA micro automation will join JR Automation Technologies, LLC (“JR Automation”), a market leader in providing advanced automation solutions and digital technologies in the robotic system integration business for North America, Europe, and Southeast Asia as a continued effort to expand the company’s global presence.
MA micro automation is a technology leader for automation solutions within micro-assembly. Through its state-of-the-art proprietary high-speed and high-precision automation know-how, combined with unique optical image inspection capabilities, MA micro automation serves high-growth med-tech automation end-markets, covering the production, assembly, and testing medical and optical components including contact lenses, IVD and diabetes diagnostics consumables, and injection molding for medical use. The company was established in 2003 through a carve-out from Siemens*1 and since 2013 has been part of the MAX Automation group.
JR Automation is a leading provider of intelligent automated manufacturing technology solutions, serving customers across the globe in a variety of industries including automotive, life sciences, e-mobility, consumer and industrial products. With over 20 locations between North America, Europe, and Southeast Asia, the leading integrator offers nearly 2 million square feet (185,806 sq. m) of available build and engineering floorspace. This acquisition allows JR Automation to further grow and strengthen both the company’s geographical footprint and their continued commitment on expanding support capabilities within the European region and medical market vertical.
“MA micro automation provides engineering, build and support expertise with established capabilities in complex vision applications, high-speed and high-precision automation technologies. When integrated with JR Automation’s uniform global process and digital technologies, this partnership will further enhance our ability to deliver added value and support to all of our customers worldwide and continue to grow our capabilities in the medical market,” says Dave DeGraaf, CEO of JR Automation. “As we integrate this new dimension, impressive talents and abilities of the MA micro automation team we further enhance our ability to serve our customers, creating a more robust and globally balanced offering.”
With this acquisition, Hitachi aims to further enhance its ability to provide a “Total Seamless Solution*2” to connect manufacturer’s factory floors seamlessly and digitally with their front office data, allowing them to achieve total optimization and bringing Industry 4.0 to life. This “Total Seamless Solution” strategy links organizations’ operational activities such as engineering, supply chain, and purchasing to the plant floor and allows for real time, data-driven decision-making that improves the overall business value for customers.
Kazunobu Morita, Vice President and Executive Officer, CEO of Industrial Digital Business Unit, Hitachi, Ltd. says, “We are very pleased to welcome MA micro automation to the Hitachi Group. The team is based in Europe, providing robotic SI to global medical device manufacturing customers with its high technological capabilities and will join forces with JR Automation and Hitachi Automation to strengthen our global competitiveness. Hitachi aims to enhance its ability to provide value to customers and grow alongside them by leveraging its strengths in both OT, IT, including robotic SI, and “Total Seamless Solution” through Lumada*3’s customer co-creation framework.”
Joachim Hardt, CEO MA micro automation GmbH says, “Following the successful establishment and growth of MA micro automation within the attractive automation market for medical technology products, we are now opening a new chapter. Our partnership with Hitachi will not only strengthen our global competitive position, but we will also benefit from joint technological synergies and a global market presence. We look forward to a synergistic partnership with Hitachi and JR Automation.”
Outline of MA micro automation
Name
MA micro automation GmbH
Head Office
St. Leon-Rot, Germany
Representative
Joachim Hardt (CEO)
Outline of Business
Automation solutions within micro-assembly
Total no. of Employees:
Approx. 200 (As of April 2024)
Founded
2003
Revenues (2023)
€ 46.5 million
Website
*1
“Siemens” is a registered trademark or trademark of Siemens Trademark GmbH & Co. KG in the U.S. and other countries.
*2
“Total Seamless Solution” is a registered trademark of Hitachi, Ltd. in the U.S. and Japan.
*3
Lumada: A collective term for solutions, services and technologies based on Hitachi’s advanced digital technologies for creating value from customers’ data accelerating digital innovation. https://www.hitachi.com/products/it/lumada/global/en/index.html
About JR AutomationEstablished in 1980, JR Automation is a leading provider of intelligent automated manufacturing technology solutions that solve customers’ key operational and productivity challenges. JR Automation serves customers across the globe in a variety of industries, including automotive, life sciences, aerospace, and more.
In 2019, JR Automation was acquired by Hitachi, Ltd. In a strategic effort towards offering a seamless connection between the physical and cyber space for industrial manufacturers and distributers worldwide. With this partnership, JR Automation provides customers a unique, single-source solution for complete integration of their physical assets and data information, offering greater speed, flexibility, and efficiencies towards achieving their Industry 4.0 visions. JR Automation employs over 2,000 people at 21 manufacturing facilities in North America, Europe, and Asia. For more information, please visit www.jrautomation.com.
About Hitachi, Ltd.Hitachi drives Social Innovation Business, creating a sustainable society through the use of data and technology. We solve customers’ and society’s challenges with Lumada solutions leveraging IT, OT (Operational Technology) and products. Hitachi operates under the 3 business sectors of “Digital Systems & Services” – supporting our customers’ digital transformation; “Green Energy & Mobility” – contributing to a decarbonized society through energy and railway systems, and “Connective Industries” – connecting products through digital technology to provide solutions in various industries. Driven by Digital, Green, and Innovation, we aim for growth through co-creation with our customers. The company’s revenues as 3 sectors for fiscal year 2023 (ended March 31, 2024) totaled 8,564.3 billion yen, with 573 consolidated subsidiaries and approximately 270,000 employees worldwide. For more information on Hitachi, please visit the company’s website at https://www.hitachi.com.
Photo – https://mma.prnewswire.com/media/2398552/CENTAURI_IVD_Platform.jpg Logo – https://mma.prnewswire.com/media/2392427/4673549/JR_Automation_and_Hitachi_Combined_Mark_full_color_Logo.jpg
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