Monday, August 04, 2014

e2v to Acquire Anafocus for up to 34.2M Euros

RTT News, Business Weekly,, Electronics Weekly: e2v is to acquire Seville, Spain-based Innovaciones Microelectronicas SL, also known as AnaFocus for up to 34.2M euros.

The initial cash purchase price of 29.2M euros is made up of 26.5M euros cash consideration for the business, and assumed net debt of 2.7M euros. The AnaFocus management team is staying with the business and can achieve an earn-out of up to 5M euros in cash, dependent on value generating 'stretch' integration targets including revenue growth. In 2013, AnaFocus had revenues of 5.6M euros and EBITA of €80,000. In the calendar year to December 31, 2014 AnaFocus is expected to generate sales of approximately €11M.

e2v technologies’ Group CEO, Steve Blair, said: "AnaFocus adds technology, people and customers to our machine vision business. It strengthens our position in the market, bringing to e2v a successful management team with deep technology capabilities and close relationships with customers that complement e2v’s relationships. The strength of the AnaFocus team, and the e2v worldwide sales and customer support channels they can now access, will help us to accelerate our opportunities in this fast-growing business. We see immediate opportunities to apply the technical capabilities of AnaFocus to provide enhanced offerings to our joint customers. I am delighted we are making this acquisition and I am pleased the AnaFocus team are joining us."

e2v expects the acquisition to complete during September 2014. AnaFocus will become an integral part of the machine vision business within e2v’s High Performance Imaging division, which grew by 26% last year. Both e2v and Anafocus use TowerJazz as their sole foundry partner for CMOS image sensors.


  1. What is the total investment from VCs in AnaFocus?

  2. Congratulation to Angel!

  3. Now that e2v has had over a year to integrate Anafocus, it is clear that this deal was bad for both companies. e2v has not properly integrated Anafocus, no synergy realized from the acquisition, and no growth. The acquisition has at best only provided a short term cover up of terrible performance of their imaging business. A careful review of their financials in the annual report show how they continue to pillage investment, r&d, skilled labor, and other areas to provide a short term injection of positive results. Traditional financial profile of a company focused purely on the short term and will implode before it stabilizes.

    1. Can you explain how reasonable such a conclusion can be? I can imagine that some synergy is just not made transparent yet to the common Joe. Maybe, they have developments ongoing that are still in stealth mode!? Why do you conclude that an integration needs to result in significant ROI increase after 1 year? Why not 0.5, 2 or 3? And what is significant?


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