DOWNERS GROVE, Ill.,
Jan. 6, 2020 /PRNewswire/ -- Dover
(NYSE: DOV) announced today that it has entered into a definitive
agreement to acquire Sys-Tech Solutions, Inc., d/b/a Systech
International ("Systech"), a leading provider of software and
solutions for product traceability, regulatory compliance and brand
protection. Following the close of the transaction, Systech will
become part of the Markem-Imaje business unit, a global supplier of
product identification and traceability solutions, in Dover's
Imaging and Identification segment.
Systech is headquartered in Princeton,
New Jersey, with approximately 170 employees worldwide and
serves well-recognized global pharmaceutical and FMCG
manufacturers. Systech offers a unique integrated Brand Protection
Suite™ for compliance and brand protection
applications, including serialization, traceability,
anti-counterfeiting and anti-diversion solutions, which help
pharmaceutical and FMCG manufacturers to meet evolving product
traceability regulations and growing consumer demand for product
safety, security and authenticity. Systech's proprietary and
innovative e-Fingerprint® technology is a unique
non-additive product authentication solution that offers superior
levels of protection with lower complexity and cost.
The acquisition will enhance Markem-Imaje's portfolio of product
identification and traceability solutions with complementary and
highly-demanded software and service offerings catering to a large
and growing global brand protection market. Systech's cloud-based
software solutions will add recurring software and service revenue
to Markem-Imaje's business mix. The combination of Systech and
Markem-Imaje's software and service offerings will provide a
scaled-up software and service organization that will drive growth
and efficiency by cross-leveraging each company's respective
channels and global service infrastructure.
"Systech brings a long and successful history of innovation to
deliver world-leading solutions to protect brands and products over
the past 35 years," said Richard J.
Tobin, Dover's President and Chief Executive Officer. "We
are excited to bring together Systech's innovative software
solutions and Markem-Imaje's scale, global reach and service
excellence capability to build a market leader in the brand
protection market. This transaction is another building block in
Dover's capital deployment strategy that emphasizes investments in
attractive close-to-core markets that offer potential for
sustainable, profitable growth, and where our team can create value
for our shareholders."
Terms of the transaction were not disclosed. The transaction is
subject to satisfaction of customary closing conditions, including
applicable regulatory approvals, and is expected to close in the
first quarter of 2020.
About Dover:
Dover is a diversified global manufacturer with annual revenue
of approximately $7 billion. We
deliver innovative equipment and components, specialty systems,
consumable supplies, software and digital solutions, and support
services through five operating segments: Engineered Products,
Fueling Solutions, Imaging & Identification, Pumps &
Process Solutions and Refrigeration & Food Equipment. Dover
combines global scale with operational agility to lead the markets
we serve. Recognized for our entrepreneurial approach for over 60
years, our team of approximately 24,000 employees takes an
ownership mindset, collaborating with customers to redefine what's
possible. Headquartered in Downers Grove,
Illinois, Dover trades on the New York Stock Exchange under
"DOV." Additional information is available at
www.dovercorporation.com.
About Markem-Imaje:
Markem-Imaje, an indirect wholly-owned subsidiary of Dover, is a
trusted world manufacturer of product identification and
traceability solutions, offering a full line of reliable and
innovative inkjet, thermal transfer, laser, and print and apply
label systems. Markem-Imaje provides global reach to over 50,000
customers with 30 subsidiaries, 6 technology centers, several
equipment repair centers and manufacturing plants with the most
comprehensive marking and coding portfolio available in the
marketplace. Additional information is available at
www.markem-imaje.com.
About Systech International:
Systech International, a Princeton,
New Jersey-based company, was founded in 1985 and has
developed an innovative software suite of products that can
uniquely identify products through additive serialized numbers or
non-additive e-fingerprints, and then track and authenticate
products through the supply chain. Global brands rely on Systech to
combat counterfeiters, prevent product diversion, meet regulatory
compliance and gain insight with solutions that offer robust brand
protection for products as they move through the supply
chain. Visit www.systechone.com for further
information.
Forward-Looking Statements:
This press release contains "forward-looking" statements within
the meaning of the Private Securities Litigation Reform Act of
1995, as amended. All statements in this document other than
statements of historical fact are statements that are, or could be
deemed, "forward-looking" statements. Forward-looking statements
are subject to numerous important risks, uncertainties, assumptions
and other factors, some of which are beyond the Company's control.
Factors that could cause actual results to differ materially from
current expectations include, among other things, general economic
conditions and conditions in the particular markets in which we
operate, changes in customer demand and capital spending,
competitive factors and pricing pressures, our ability to develop
and launch new products in a cost-effective manner, and our ability
to realize synergies from newly acquired businesses. For details on
the risks and uncertainties that could cause our results to differ
materially from the forward-looking statements that may be
contained herein, we refer you to the documents we file with the
Securities and Exchange Commission, including our Annual Report on
Form 10-K for the year ended December 31,
2018, and our reports on Form 10-Q and Form 8-K. These
documents are available from the SEC, and on our website,
www.dovercorporation.com. The Company undertakes no obligation
to publicly update any forward-looking statement, whether as a
result of new information, future events or otherwise.
Investor
Contact:
|
Media
Contact:
|
Andrey
Galiuk
|
Adrian
Sakowicz
|
Vice President –
Corporate Development
|
Vice President –
Communications
|
and Investor
Relations
|
(630)
743-5039
|
(630)
743-5131
|
asakowicz@dovercorp.com
|
agaliuk@dovercorp.com
|
|
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SOURCE Dover