IDEX Corp. Acquires Iridian Spectral Technologies

Illinois-based IDEX Corp. has agreed to acquire Iridian Spectral Technologies, an Ottawa, Ontario-based developer and manufacturer of optical filters for applications spanning remote sensing, medical and biophotonics, and telecom/datacom. The deal, expected to close later this quarter, carries an acquisition price of just over $110 million.

According to IDEX, the acquisition complements its existing optical coating expertise, allowing it to expand its core capabilities to support current and future markets. Iridian is widely known for its thin-film design deposition and manufacturing technology of durable filter optics. Iridian also offers beamsplitters, stray light absorbers, and etalons.

Upon closing of the transaction, Iridian will join the businesses of IDEX Optical Technologies — composed of CVI Laser Optics, CVI Infrared Optics, and Advanced Thin Films — within its health and science technology segment. Iridian will also be a partner in the life science filters business, which IDEX said is driven by the Semrock team of IDEX health and science. IDEX closed its roughly $700 million acquisition of microprecision technology manufacturing company Muon BV (Muon Group) and its subsidiaries in November 2022. Muon is now part of IDEX’s health and science technology segment.

IDEX announced the planned acquisition in conjunction with its release of its first-quarter 2023 financial earnings results. The company posted record sales of $845 million, up more than $90 million year-over-year for the three-month period ending March 31.

Privately held Iridian expects fiscal year 2023 sales of approximately $26.5 million.