Israel-based technology company BATM Advanced Communications Ltd said on Monday it has agreed to acquire the entire share capital of Green Lab Hungary Engineering Ltd, a Hungary-based developer and distributor of analytical instruments, for $3.8 million payable in cash over a three-year period.
BATAM increasing its presence in Hungary where it already owns sterilization unit operations.
BATM said the acquisition would provide an intensive network for its products. It said Green Lab’s distribution network would also allow for growth in Romania and at its Hungary ECO Unit, which focuses on agri-business applications.
Founder and CEO of Green Lab Judit Jeney will join the BATM management team.
“We are pleased to have acquired Green Lab and welcome them to the group. They have a tremendous amount of expertise and enjoy an excellent reputation in the industry, ” said Chief Executive Zvi Marom.
“We believe that Green Lab will contribute both to the distribution business of BATM group in the Commonwealth of Independent States countries and to our growing business in the ECO environment. We look forward to working together to enhance both companies’ activities for the benefit of the Group, ” he added.