Euronext: Parrot, mostly known as a maker of bluetooth hands-free accessories for mobile phones, finalized the acquisition of a 100% stake in Varioptic SA. Varioptic employs 19 people and recorded 0.6 million euros in revenues in 2010. The technical and operational synergies resulting from the business combination between the two companies are expected to enable Varioptic's operations to break even in 2013.
This acquisition is financed with 0.6 million euros in cash, Varioptic has 2.6 million euros in net financial debt. In addition, there is a potential earn-out of up to 3 million euros linked to Varioptic's revenues for FY 2014. At the same time, Parrot is subscribing to a 4 million euro capital increase benefiting Varioptic.
The PR has few statements on Varioptic's future: "The combination of Parrot's signal processing expertise and Varioptic's work on image processing research marks a further step forward with the development of the value chain, on both its existing products and new applications. Over the short term, further advances will support the solutions and products based on the Parrot AR.Drone [a toy quadricopter remotely controlled by iPhone via Wi-Fi]. Subsequently, the roadmap will be extended to include automotive product ranges, as well as home products."