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Detection Technology acquires business of MultiX technology company

Detection Technology Plc Press Release 19 December 2018 at 14:15

Detection Technology Plc acquires the business of the French technology company MultiX S.A. The business is being bought from MultiX, which is undergoing reorganisation proceedings, based on a legal decision. The asset purchase deal includes MultiX’s licensing agreements and patents, and fixed and current assets. In addition, the company’s personnel will join Detection Technology. The transaction will take place at the beginning of January 2019.

The deal expands the technology base of Detection Technology, thereby strengthening its position in the security, industrial and medical X-ray imaging market. MultiX’s specialties are direct conversion technology and related algorithm development. The company’s direct conversion technology based on photon counting comes with a very precise material discrimination capability in security and industrial X-ray imaging applications.

”Detection Technology’s strong financial position and experience in the industrialisation and commercialisation of X-ray technology combined with MultiX’s unique technology will enable us to expand and further develop our business. The deal is a long-term strategic investment. We expect the MultiX business to generate a loss in 2019”, says Hannu Martola, President and CEO of Detection Technology.

”According to our estimation, the direct conversion market has just started to develop, and its size now is some tens of millions of euros. We believe in the market’s growth potential as requirements for X-ray imaging quality become more stringent. For example, when entering the new standards, material discrimination in luggage screening will be taken to new heights. Next-generation imaging solutions will also open interesting opportunities in medical and industrial applications.”

MultiX designs, manufactures and sales X-ray detector solutions for high-end applications. The company’s net sales were EUR 0.8 million in 2017. It employs 17 people in Moirans, near Grenoble in France. MultiX was founded in 2010.

For more information:
Hannu Martola, President and CEO
+358 500 449 475
hannu.martola@deetee.com

Detection Technology Plc
Detection Technology is a global provider of X-ray detector solutions for medical, security and industrial applications. The company’s net sales grew by 18% to EUR 89 million in 2017. The company has 240 customers in 40 countries. Detection Technology employs over 450 people in Finland, China and the US. The company’s shares are listed on the Nasdaq First North Finland marketplace under the ticker symbol DETEC. www.deetee.com