Helios Technologies, Inc., a global provider of highly engineered motion control and electronic controls technology for diverse end markets, has announced it signed an agreement to acquire i3 Product Development (or “i3”.) i3 is a custom engineering services firm, with over 55 engineers, embodying expertise in electronics, mechanical, industrial, embedded and software engineering.
Their solutions are used across many sectors, including medical, off-highway, recreational and commercial marine, power sports, health and wellness, agriculture, consumer goods, industrial, sports and fitness. Additionally, they specialise in working to transform customer’s ideas into industrial design solutions through rapid prototyping and creating 3D models in-house. A Top Workplace award winner for multiple years in the state of Wisconsin, i3 has locations in both Sun Prairie and Middleton.
“Innovation has been the lifeblood of Helios from its founding”, comments 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.”
The acquisition of i3 is expected to help augment other Helios businesses by providing profitable engineering, consulting, and product development services for customer-specific solutions that go beyond the current products and solutions offered by Helios. Helios expects to close the transaction in the second quarter of 2023, subject to customary closing conditions. Helios will fund the acquisition through a combination of cash and equity. Terms of the acquisition were not disclosed.
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