12/14/2009

World giant becomes partner in Turkish technology company

Hurriyet Daily News - Isra Vision, a German firm that specializes in automation and robotics, has acquired a 24 percent stake in Turkey's Vistek.

Isra, one of the world's top five suppliers of machine vision and a world market leader in surface-inspection systems, is to fully acquire Vistek within the next three to four years. The deal will take place on the basis of an earn-out model, a correspondence of earnings before interest and a taxes valuation under the terms agreed. Vistek is expected to earn a total of around EUR 1 million this year and can look forward to dynamic growth in future years, said Isra.

“Thanks to the partnership, Turkey will be a base to accelerate our growth in the Near and Middle East”, said Enis Ersu, Chief Executive Officer of Isra. “Even in fields that require high technology, only one third of machine vision potential has been realized. With Vistek we will have the chance to meet the growing demand in the region.” Machine vision is defined as an application of computer vision to industry and manufacturing.

Vistek was founded as a spin-off company of Sabanci University in 1997 and developed under Inovent. A developer of innovative machine vision solutions, the firm has participated in numerous domestic and international projects and has been recognized for excellence several times. Sabanci maintains Turkey’s most advanced machine vision laboratory and has been recognized as a Potential Center of Excellence by the European Union.

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