Eddyfi Technologies has acquired M2M, a developer and manufacturer of phased array ultrasonic testing (PAUT) instruments for non-destructive testing (NDT).
M2M employs 60 people in France, the US, and China, and sells to major customers in industries such as oil and gas, aerospace, power generation, and manufacturing.
M2M’s acquisition offers Eddyfi Technologies a unique chance to enter the broader PAUTmarket with advanced technology. The M2M team and office in China will now also act as a base for the group to expand in the region.
Martin Thériault, President and CEO of Eddyfi Technologies, said: “Over the past eight years, we have emerged in the NDT market by focusing on specialised NDT technologies. With innovation and a customer-focused approach, we have become a fresh and dynamic force in the market. Now is the time to enter the much larger advanced ultrasound space, a technique used by virtually all our customers and is also in much need of innovation and advancements. R&D, other collateral accessories investments, and the relationship with CEA will be expanded to capitalise on software, portable, and systems opportunities.”
Philippe Benoist, President of M2M, added: “Up until 2014, M2M was focused on delivering PAUT systems for labs, testing machines, and integrators. Our entry in the advanced portable market with TFM, Gekko, and Mantis has been by all means successful. However, the harsh reality was that M2M lacked the scale and funding to really make its technology an industry game changer. Eddyfi Technologies’ global sales and support organisation, financial strength, and R&D vision is simply what M2M and its people needed to take it to the next level. In addition, Eddyfi’s business unit (BU) approach was very appealing to us. The M2M brand will remain, our location in Paris will now be the group’s centre of excellence for PAUT, and we remain in control of our R&D roadmap and business model.”
Read the article online at: https://www.hydrocarbonengineering.com/refining/08052018/eddyfi-acquires-m2m/