- July 14, 2022
Helios Technologies Inc. is continuing to expand.
The Sarasota-based manufacturer recently signed an agreement to acquire i3 Product Development, a custom engineering services firm with over 55 engineers. The 28-year-old company is located in Wisconsin. In 2022, i3 generated over $13 million in revenue, according to a statement.
“The acquisition of i3 Product Development will turbocharge our efforts to be the most innovative company focused on the intersection of the hydraulics and electronics markets,” Josef Matosevic, Helios president and CEO, says in the release. “They will complement our existing internal engineering teams across all our operating companies.”
“This flywheel acquisition fits into our technology roadmap strategy like a glove and will continue to make us incredibly tough for our competition to follow.”
The acquisition is expected to close in the second quarter of 2023. Terms were not disclosed.
Helios Technologies, a publicly traded company with shares traded on the NYSE, posted $885.4 million in revenue in 2022. The company is a global leader in highly engineered motion control and electronic controls technology, with markets including construction, material handling, agriculture, energy, recreational vehicles, marine and health and wellness. It sells its products to customers in over 90 countries.