LAKE MARY, Fla., Aug.
1, 2014 /CNW/ -- FARO Technologies, Inc. (NASDAQ: FARO), the
world's most trusted source for 3D measurement, imaging and
realization technology, announced it has acquired The CAD Zone,
Inc., a leading software provider in the law enforcement accident
and crime scene reconstruction market. CAD Zone's point cloud
software application will be integrated with FARO's laser scanning
technology to provide turnkey solutions for crime scene and other
forensic applications.
FARO's continued push into the $8.3
billion[1] law enforcement forensic technologies market
supports its implementation of a long-term strategy of expansion
into key vertical markets with its disruptive 3D metrology, imaging
and realization products.
"We believe CAD Zone's leading software solutions for law
enforcement will provide FARO with a compelling integrated 3D
documentation product offering," stated Jay
Freeland, FARO's President and CEO. "This acquisition
is an important part of our strategic focus on penetrating key
vertical markets that offer FARO the most market potential.
While law enforcement is a relatively small vertical market for
FARO today, we believe it represents a significant opportunity for
the right 3D documentation solution and our acquisition of CAD Zone
takes a major step forward in creating that
offering."
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act
of 1995 that are subject to risks and uncertainties, such as
statements about FARO's growth, demand for and customer
acceptance of FARO's products, anticipated improvement in the
markets in which FARO operates, and FARO's product development and
product launches. Statements that are not historical facts
or that describe the Company's plans, objectives, projections,
expectations, assumptions, strategies, or goals are
forward-looking statements. In addition, words such as
"believe," "is," "will," and similar expressions or discussions
of FARO's plans or other intentions identify forward-looking
statements. Forward-looking statements are not guarantees of
future performance and are subject to various known and unknown
risks, uncertainties, and other factors that may cause
actual results, performances, or achievements to differ materially
from future results, performances, or achievements expressed
or implied by such forward-looking statements. Consequently, undue
reliance should not be placed on these forward-looking
statements.
Factors that could cause actual results to differ materially
from what is expressed or forecasted in such forward-looking
statements include, but are not limited to:
- the Company's inability to successfully
identify and acquire target companies or achieve expected benefits
from acquisitions that are consummated;
- development by others of new or improved
products, processes or technologies that make the
Company's products less competitive or
obsolete;
- the Company's inability to maintain its
technological advantage by developing new products and enhancing
its existing products;
- declines or other adverse changes, or lack
of improvement, in industries that the Company serves or the
domestic and international economies in the regions of the world
where the Company operates and other
general economic, business, and financial conditions; and
- other risks detailed in Part I, Item 1A.
Risk Factors in the Company's Annual Report on Form 10-K for the year ended December 31, 2013.
Forward-looking statements in this release represent the
Company's judgment as of the date of this release. The
Company undertakes no obligation to update publicly any
forward-looking statements, whether as a result of new
information, future events, or otherwise, unless otherwise required
by law.
About FARO
FARO is the world's most trusted source
for 3D measurement technology. The Company develops and markets
computer-aided measurement and imaging devices and software.
Technology from FARO permits high-precision 3D measurement, imaging
and comparison of parts and complex structures within production
and quality assurance processes. The devices are used for
inspecting components and assemblies, rapid prototyping,
documenting large volume spaces or structures in 3D, surveying and
construction, as well as for investigation and reconstruction of
accident sites or crime scenes.
Approximately 15,000 customers are operating more than 30,000
installations of FARO's systems, worldwide. The Company's global
headquarters is located in Lake Mary,
FL; its European regional headquarters in Stuttgart, Germany; and its Asia/Pacific regional headquarters in
Singapore. FARO has other offices
in the United States, Canada, Mexico, Brazil, Germany, the United
Kingdom, France,
Spain, Italy, Poland, Turkey, the
Netherlands, Switzerland,
Portugal, India, China,
Malaysia, Vietnam, Thailand, South
Korea, and Japan.
More information is available at http://www.faro.com.
[1] Transparency Market Research, Forensic Technologies Market –
Global Industry Analysis, Size, Share, Growth, Trends and Forecast,
2013 - 2019
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SOURCE FARO Technologies, Inc.