Helios Technologies to buy engineering services firm i3 Product Development
Helios Technologies, a provider of motion control and electronic controls technology, has agreed to acquire i3 Product Development, a custom engineering services company, for an undisclosed price.
Based in Wisconsin, i3 Product Development with its more than 55 engineers, offers expertise in electronics, industrial, mechanical, embedded and software engineering. Its solutions are used in sectors such as off-highway, medical, power sports, recreational and commercial marine, agriculture, health and wellness, consumer goods, and fitness and sports.
In addition, the custom engineering services company is said to be a specialist in working to convert the ideas of customers into industrial design solutions with quick prototyping and generating 3D models in-house.
i3 Product Development has also built an Internet of Things (IoT) software platform.
Josef Matosevic — Helios Technologies President and CEO said: “The acquisition of i3 Product Development will turbocharge our efforts to be the most innovative company focused on the intersection of the hydraulics and electronics markets.
“They will complement our existing internal engineering teams across all our operating companies. i3 will enable us to provide our customers with additional highly skilled professionals that can solve their most complex challenges and help them stay ahead of their competition.”
i3 Product Development’s acquisition is likely to help expand other Helios Technologies’ businesses by providing lucrative consulting, engineering, and product development services for customers who require specific solutions that are beyond the current offerings and solutions provided by Helios Technologies.
The deal, which is subject to the customary conditions, is expected to close in Q2 2023.