BUSINESS: ICAM To Be Acquired By Sandvik

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Daniel Webster, dWeb.News Publisher

SANDVIKEN, Sweden, Nov. 25, 2021 /PRNewswire/ — Sandvik has signed an agreement to acquire Canada-based ICAM Technologies Corporation, a provider of innovative solutions that translate CAM data into optimized coding for guiding CNC machining operations. ICAM has a worldwide reach and sells to some the most respected companies in the automotive, aerospace, defense and general engineering industries. Sandvik Coromant will report the company, which is a division of Sandvik Manufacturing and Machining Solutions.

I am delighted to welcome ICAM to Sandvik. Software companies are added to our portfolio to expand our product range and offer more efficient solutions in the component manufacturing process. We are expanding our offering in verification and optimization and our value proposition for customers across their value chains through this acquisition,” said Stefan Widing, President and CEO at Sandvik.

ICAM software is a combination of post-processing and machine simulation. It streamlines customer workflows by allowing users to go directly from their CAM system (CAM) to verified and optimized code (G-code). ICAM’s offer is complementary to the verification and optimizing technology of CGTech (a global leader in software-for-numerical control (NC/CNC), simulation, verification, and optimization).

” This acquisition of ICAM is in support of our overall business strategy. It also aligns with our strategic focus to expand our offering in optimization and verification. We have a strong position in CNC machine simulation and ICAM’s post processing capabilities will allow us to provide a complete workflow to deploy new NC programs, including post-processing and highly optimized NC programs that run on the machine. “We look forward to welcoming the ICAM to our Group,” states Nadine Crauwels President at Sandvik Machining Solutions.

ICAM was founded in 1971 in Montreal, Canada and currently has 27 employees. In 2020, the company had revenues of approximately SEK 30 million and an EBITA margin of approximately 25%.The transaction is expected to close during the fourth quarter of 2021 and is subject to customary closing conditions.

Stockholm, November 25, 2021

Sandvik AB

For further information, contact Louise Tjeder, Vice President Investor Relations, phone: +46 70 782 6374 or Johannes Hellstrom, Press and Media Relations Manager, phone: +46 70 721 1008.

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https://news.cision.com/sandvik/r/sandvik-to-acquire-software-provider-icam,c3460947

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