Paramit to expand into Europe with acquisition of S.I.E. SOLUTIONS
In a strategic move to strengthen its global footprint, Paramit Corporation, a US-based leader in the design and manufacturing of medical devices and life science instruments, has announced its acquisition of S.I.E. SOLUTIONS. Headquartered in Austria, S.I.E. SOLUTIONS is recognized for its specialized embedded technology solutions serving the healthcare and security sectors. While the financial terms of the acquisition remain undisclosed, this deal marks a pivotal step in Paramit’s European expansion.
Strengthening Paramit’s European Presence
Founded in 1994, S.I.E. SOLUTIONS has built a robust presence in Austria and Germany, making it an ideal partner for Paramit’s growth ambitions in Europe. The acquisition is set to enhance Paramit’s capabilities by integrating S.I.E. SOLUTIONS’ expertise in embedded solutions with Paramit’s advanced manufacturing techniques. This move will not only fortify Paramit’s product development and design capacities but will also establish a strategic headquarters for the company within Europe.
Billoo Rataul, CEO of Paramit, emphasized the complementary nature of this acquisition, noting that S.I.E. SOLUTIONS’ deep knowledge of embedded technologies aligns perfectly with Paramit’s product development and manufacturing expertise. He expressed confidence that this acquisition would broaden the company’s ability to serve a wider range of medical device and life science instrument customers globally. “Together, we will deliver an enhanced and comprehensive product realization offering to our customers around the world,” said Rataul.
Expanding Manufacturing and Development in Europe
The acquisition also allows S.I.E. SOLUTIONS to scale its operations, with Paramit’s backing providing the resources necessary to ramp up manufacturing and development locally in Europe. This will give S.I.E. SOLUTIONS access to Paramit’s cutting-edge technology, such as its vPoke computer-directed assembly and zero-defect manufacturing processes. These advanced methodologies are expected to enhance the quality and efficiency of S.I.E. SOLUTIONS’ production capabilities, enabling them to serve a broader European customer base.
S.I.E. SOLUTIONS is well-regarded in the embedded solutions space, particularly within the healthcare sector, which has seen significant growth in recent years. The collaboration between Paramit and S.I.E. SOLUTIONS is anticipated to create a robust pipeline of innovative medical devices, life science instruments, and healthcare technology solutions, offering a comprehensive range of products and services.
Markus Dillinger and Josef Krojer, Managing Directors of S.I.E. SOLUTIONS, shared their excitement about the merger, noting that the acquisition would significantly enhance the company’s production depth and service capabilities. “As part of the Paramit family, our customers will benefit from increased production depth and expanded service capabilities,” they stated. The duo further highlighted the strong market presence S.I.E. SOLUTIONS holds in Europe, positioning the company as a key player in Paramit’s strategic European operations.
Growing Opportunities in Diagnostics, Therapeutics, and Drug Discovery
The healthcare sector, particularly in diagnostics, therapeutics, surgical, and drug discovery applications, is experiencing rapid growth. Both companies, with their combined expertise, are well-positioned to capitalize on these expanding markets. By joining forces, Paramit and S.I.E. SOLUTIONS can leverage their strengths in embedded technology and manufacturing excellence to deliver innovative solutions to the life sciences industry.
Paramit’s extensive portfolio, coupled with S.I.E. SOLUTIONS’ embedded systems expertise, opens new avenues for product development and innovation. This collaboration promises to enhance the companies’ ability to offer cutting-edge solutions in medical devices and life sciences, ensuring they meet the evolving needs of their diverse global clientele.
A Strategic Expansion for Paramit
The acquisition of S.I.E. SOLUTIONS by Paramit represents a major milestone in the company’s growth strategy, positioning it as a formidable player in the European medical device and life science sectors. By integrating S.I.E. SOLUTIONS’ expertise in embedded technology with Paramit’s advanced manufacturing and product development capabilities, the two companies are poised to drive innovation and meet the increasing demand for high-quality healthcare and life science solutions.
This deal, which is still subject to regulatory approvals, is expected to be finalized in Q4 2020. Once completed, it will provide Paramit with a strong local presence in Europe, offering expanded production and service capabilities to better serve customers across the continent.
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