Previan continues on its growth path and announces the acquisition of Pavemetrics®
July 27, 2022
Pavemetrics' 3D vision system and platform will complement the Quebec City-based technology group's industrial diagnostic solutions offering
Québec, July 27, 2022 - Previan, formerly known as Eddyfi/NDT, announces the acquisition of Pavemetrics®, a leader in digital vision systems for transportation infrastructure inspection. The company and its technologies will join the industrial technology group and complement Previan's diagnostic solutions offering.
Within Previan, Pavemetrics - and the entire team currently in place - will be positioned as a stand-alone business unit, as are the other five units: Dynamic Risk, Eddyfi Technologies, NDT Global, Senceive and TSC Subsea. Specifically, Pavemetrics will be a business unit within the " Diagnostic and Remote Monitoring Technologies" (DRMT) specialized segment of the group, along with Eddyfi Technologies and Senceive; the other business units being grouped under the "Technologies as a Service" segment.
"Pavemetrics' technology offering is very much in line with our group's interests. Our eyes are keen on finding the best technologies on the planet that are compatible with our positioning and our strategy, and it's fantastic to have found it here in Quebec City. The expertise they have developed and the uniqueness of their 3D vision system have proven themselves, particularly in the inspection of road networks, tunnels and railways. We are pleased to welcome Pavemetrics to Previan and look forward to continuing to build the future with them" says Martin Thériault, CEO and founder of Previan.
Richard Habel, co-founder and CEO of Pavemetrics, is delighted with the transaction. "We are very proud to join the Previan family, especially since we will continue to be a 100% Quebec company. Our technology has been successfully implemented in a wide range of applications, including pavement and rail condition assessment, foreign object and debris detection for airports, and vault inspection for high-speed train tunnels. An announcement like today's is a reward of sorts for the significant efforts and technological innovation brought forward by our great team, from the very beginning of our story as a spin-off of INO, who accompanied us over the years as shareholders and partners in R&D and production, to the moment we went out on our own," added Mr Habel.
The transaction was financed with the support of Investissement Québec and the Fonds de Solidarité FTQ. McCarthy Tétrault acted as legal counsel.
"Investissement Québec's collaboration with Previan, a major global player in its industry, is a long-standing one. Technology solutions are a field in which Québec companies are leaders, and it is part of Investissement Québec's mission to support them at various stages of their development to enable them to continue their growth. This transaction allows Previan to diversify its service offering and gives it additional momentum to further its market development efforts," said Guy LeBlanc, President and CEO of Investissement Québec.
"This acquisition will support Previan’s technological development and expertise. We are proud to participate in this transaction, which will allow Previan to further carry its innovation plan, thanks to Pavemetrics' already recognized know-how and technologies. We also applaud Pavemetrics' desire to remain a 100% Québec-based company," said Dany Pelletier, Senior Vice-President, Private Equity and Impact Investments, at Fonds de solidarité FTQ.
Previan, known as Eddyfi/NDT prior to June 2022, is a fast-growing, innovative, and private industrial technology group focused on advanced diagnostic technologies to monitor the world’s infrastructure health. The Group serves asset owners, large engineering firms, and service companies globally in markets such as Aerospace, Civil Infrastructure, Energy, Mining, Power Generation, and Rail. Via sensors, hardware, robotics and software, Previan makes a safe and sustainable future possible, by pushing the limits of diagnostic technologies that preserve the integrity of our world’s critical infrastructure and assets. The company employs over 1,550 people throughout 33 offices worldwide and serves clients in more than 110 countries.
Pavemetrics solutions help infrastructure managers optimize their maintenance strategies and budgets. They contribute to improve safety and equipment performance by enabling rapid and accurate automated condition assessments of transportation infrastructure. To date, Pavemetrics technology is deployed in more than 45 countries on five continents.