SMMX to acquire Autodose for $6.9 million (another $6.2 million is contingent on performance):
Symyx Technologies to Acquire Autodose SA
Wednesday June 14, 8:00 am ET
Symyx Broadens Tools Offerings and Expands European Presence
SANTA CLARA, Calif.--(BUSINESS WIRE)--June 14, 2006--Symyx Technologies, Inc. (Nasdaq:SMMX - News) today announced that it signed a definitive agreement yesterday to acquire Autodose SA, a privately-held, Geneva-based maker of precision powder-dispensing equipment. Symyx and Autodose have worked together since 2000, as Symyx has incorporated Autodose's products into systems Symyx has sold to both chemical and pharmaceutical customers.
Autodose's Powdernium® brand is the global market-leader in powder-handling equipment. Symyx will be able to offer customers new and existing automated research systems and benchtop systems that combine Autodose's powder-handling technology with the liquid-handling robotics in Symyx's Core Module. Symyx also plans to further evolve its Tools product line and offer customers new benchtop, modular automation systems designed to meet the needs of a broader section of the laboratory research market.
Under the terms of the agreement, Symyx will pay approximately 8.5 million Swiss francs in cash to acquire all outstanding shares of Autodose, whose assets include approximately 2.3 million Swiss francs in cash. In addition, Symyx may pay additional consideration of up to 7.7 million Swiss francs contingent on achievement of defined 2007, 2008 and 2009 revenue targets for existing Autodose products and certain new, complementary Autodose products under development. These maximum contingent payment amounts will be converted to U.S. dollars at the time of closing. The acquisition of Autodose has been approved by the boards of directors of both companies and is expected to close in July, 2006, subject to various standard closing conditions.
"This acquisition underscores our commitment to serving the European market, as it provides access to a significant installed base and potential new customer relationships as well as production facilities and a strong field support team," said Paul Nowak, executive vice president and chief operating officer of Symyx Technologies. "We have demonstrated the compatibility of our products for some time, and now plan to directly combine our technologies into a powerful benchtop automation system that provides expanded capabilities with greater value for customers."
As a result of the acquisition, Autodose will become a wholly owned subsidiary and European headquarters for Symyx Technologies. Gian-Luigi Berini, the CEO of Autodose, will become general manager of the Swiss-based subsidiary. "We look forward to building on our long-standing relationship with Symyx, to act on our common vision of developing the next generation of high-throughput benchtop automation systems," said Mr. Berini. "We will also be expanding our current focus to provide a European sales and support base for all of Symyx Tools."
Guidance
Symyx does not expect the acquisition of Autodose to generate significant incremental revenue in 2006. The Company intends to provide guidance regarding the impact of acquisition-related charges on GAAP earnings in July when it releases second quarter earnings.
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