Thu, 04 Mar 2021 | BUSINESS SALE
Cheshire-based packaging software firm AutoCoding Systems Ltd has been sold to global food tech giant JBT Corporation for £12.5 million, a 2.5x multiple of its reported £5 million turnover.
AutoCoding Systems is a specialist in automated, integrated software systems for food labelling and date codes. Its acquisition expands JBT's capabilities in areas such as label inspection, verification and coding.
AutoCoding System also operates in Australia and the US. Victoria Zivkovic, of law firm Irwin Mitchell, who worked on the deal said that the acquisition “recognises its international strength as a specialist provider in packaging line automation solutions.”
JBT President and CEO Brian Deck commented: “AutoCoding’s offering embodies JBT’s broader mission to make better use of the world’s precious resources by providing a solution that substantially enhances our customers’ success.”
“The acquisition also expands our capabilities in the large and growing global market for in-line coding and inspection solutions, which includes hardware and software for food and beverage, pharmaceutical, and nutraceutical customers”, Deck added.
AutoCoding Systems MD Mike Hughes added: “This is an exciting time for AutoCoding Systems in the UK, US and Australia. With the support of JBT and their wealth of experience across multiple businesses supplying the food and beverage industry, including Proseal, AutoCoding Systems can expand their reach into previously untapped markets for packaging line automation software.”
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