Helios Technologies Inks Definitive Agreement to Buy i3 Product Development

CIOTechOutlook Team | Friday, 05 May 2023, 03:02 IST

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i3 Product Development (also known as "i3") will be acquired by Helios Technologies, Inc. (NYSE: HLIO), a global leader in highly designed motion control and electrical controls technologies for a variety of end applications. Over 55 engineers make up the custom engineering services company i3, which specialises in electronics, mechanical, industrial, embedded, and software engineering. 
 
Numerous industries, including medical, off-highway, recreational and commercial marine, power sports, health and wellness, agriculture, consumer goods, industrial, sports and fitness, and sports, use their solutions. Additionally, they specialise in using rapid prototyping and internal 3D model creation to turn customer ideas into industrial design solutions. i3 maintains offices in both Sun Prairie and Middleton, and has won the Top Workplace award for the state of Wisconsin on numerous occasions.
 
“Innovation has been the lifeblood of Helios from its founding", commented Josef Matosevic, Helios’ President, and Chief Executive Officer. “The acquisition of i3 Product Development will turbocharge our efforts to be the most innovative company focused on the intersection of the hydraulics and electronics markets. They will complement our existing internal engineering teams across all our operating companies. i3 will enable us to provide our customers with additional highly skilled professionals that can solve their most complex challenges and help them stay ahead of their competition. We can also leverage the IoT (Internet of Things) software platform that i3 has developed to support the telematics and analytics vision that we have been articulating. This flywheel acquisition fits into our technology roadmap strategy like a glove and will continue to make us incredibly tough for our competition to follow.”
 
By offering profitable engineering, consulting, and product development services for customer-specific solutions that go beyond the present products and solutions provided by Helios, the acquisition of i3 is anticipated to support other Helios businesses. 
 
In the second quarter of 2023, Helios anticipates concluding the deal, barring any unusual closing circumstances. The acquisition will be paid for by a combination of cash and equity provided by Helios. The acquisition's terms weren't made public.
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