LAKE MARY, Florida,
Aug. 1, 2014 /PRNewswire/ -- 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.
Logo -
http://photos.prnewswire.com/prnh/20110415/MM84316LOGO
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