Profitable Faro Pushes Further into Law Enforcement
LAKE MARY, Fla., Feb. 26, 2015 — Faro Technologies Inc. said its newest laser 3-D scanning products performed well as it closed the books on 2014 and announced a new acquisition.
Yearly sales increased 17.2 percent to $341.8 million. Net income was $33.6 million, up 56.4 percent from $21.5 million in 2013.
Meanwhile, the company earlier this month furthered its movement into the law enforcement market with the $7.7 million acquisition of Aras 360 Technologies Inc. of Kamloops, British Columbia, Canada.
A computer reconstruction of an auto accident scene generated by software from Aras 360 Technologies, which was recently acquired by Faro. Courtesy of Faro.
Aras develops accident and crime reconstruction, simulation and animation software. CEO Jay Freeland said the acquisitions of Aras as well as The CAD Zone will help Faro create a suite of integrated 3-D documentation products.
“In the year ahead, we will continue driving towards our longer term model of mid-teens organic growth, accelerating product innovation, and capitalizing on market opportunities to expand our offerings,” Freeland said.
Faro develops technology for 3-D measurement, imaging and comparison of parts and complex structures within production and quality assurance processes. Its devices are used for inspecting components and assemblies, rapid prototyping, documenting large-volume spaces or structures in 3-D, and surveying and construction.