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Dover announced today that it has entered into a definitive agreement to acquire Sys-Tech Solutions, Inc., d/b/a Systech International ("Systech"), a leading provider of software and solutions for product traceability, regulatory compliance and brand protection. Following the close of the transaction, Systech will become part of the Markem-Imaje business unit, a global supplier of product identification and traceability solutions, in Dover's Imaging and Identification segment.
Systech is headquartered in Princeton, New Jersey, with approximately 170 employees worldwide and serves well-recognized global pharmaceutical and FMCG manufacturers. Systech offers a unique integrated Brand Protection Suite™ for compliance and brand protection applications, including serialization, traceability, anti-counterfeiting and anti-diversion solutions, which help pharmaceutical and FMCG manufacturers to meet evolving product traceability regulations and growing consumer demand for product safety, security and authenticity. Systech's proprietary and innovative e-Fingerprint® technology is a unique non-additive product authentication solution that offers superior levels of protection with lower complexity and cost.
The acquisition will enhance Markem-Imaje's portfolio of product identification and traceability solutions with complementary and highly-demanded software and service offerings catering to a large and growing global brand protection market. Systech's cloud-based software solutions will add recurring software and service revenue to Markem-Imaje's business mix. The combination of Systech and Markem-Imaje's software and service offerings will provide a scaled-up software and service organization that will drive growth and efficiency by cross-leveraging each company's respective channels and global service infrastructure.
"Systech brings a long and successful history of innovation to deliver world-leading solutions to protect brands and products over the past 35 years," said Richard J. Tobin, Dover's President and Chief Executive Officer. "We are excited to bring together Systech's innovative software solutions and Markem-Imaje's scale, global reach and service excellence capability to build a market leader in the brand protection market. This transaction is another building block in Dover's capital deployment strategy that emphasizes investments in attractive close-to-core markets that offer potential for sustainable, profitable growth, and where our team can create value for our shareholders."
Terms of the transaction were not disclosed. The transaction is subject to satisfaction of customary closing conditions, including applicable regulatory approvals, and is expected to close in the first quarter of 2020.