Wabtec HQ

Wabtec agrees to acquire Evident’s Inspection Technologies division for $1.78bn

Rail Manufacturer Wabtec Corporation has entered into a definitive agreement to acquire Evident’s Inspection Technologies division. Previously part of Olympus Corporation's Scientific Solutions Division, Inspection Technologies is renowned for its expertise in Non-Destructive Testing, Remote Visual Inspection, and Analytical Instruments solutions for critical assets. This acquisition will enhance Wabtec’s Digital Intelligence business with industry-leading brands and technologies.

Inspection Technologies has a 50-year history of innovation and excellence in mission-critical applications. It operates globally with a distributed sales force and four engineering and production facilities in North America and Japan, employing over 1,300 team members. This strategic move is expected to drive Wabtec’s growth and strengthen its commitment to customer productivity, reliability, and safety.

“The addition of Inspection Technologies aligns with our growth strategy to accelerate the innovation of scalable technologies, increase our installed base, expand high margin recurring revenues and continuously drive operational performance”

said Rafael Santana, President and CEO of Wabtec.  

“I am incredibly excited to partner with Evident’s talented Inspection Technologies team to further enhance our presence in key markets and applications. Together, we will drive profitable growth, lead in customer value and innovation, and maximize value creation. Inspection Technologies will augment our existing offerings in the rail, mining and industrial sectors while broadening our reach into other high growth, high margin complementary sectors,” said Nalin Jain, President of Wabtec’s Digital Intelligence Group.

Inspection Technologies’ leading industry presence and innovative product portfolio will significantly expand Wabtec's capabilities, adding advanced automated inspection capabilities, driving technology in a space where data acquisition, analytics and automation are critical.  Moreover, the integration of Inspection Technologies into Wabtec will leverage Wabtec’s extensive software development expertise, engineering depth and focus on operational excellence to deliver superior solutions to customers.

“Our deep expertise, shared commitment to innovation and strong customer relationships will unlock significant value. The combination of our two skilled teams and complementary portfolios will accelerate the development of first-class, intelligent monitoring solutions to meet the changing needs of the industries we serve,” said Karen Smith, Executive Vice President of Evident Inspection Technologies.

Headquartered near Boston, MA, Evident’s Inspection Technologies division is expected to achieve approximately $433 million in revenue for calendar year 2024, with EBITDA of approximately $112 million, translating to a margin of 25.9%. Beyond its strong financial performance, Inspection Technologies adds a highly stable and predictable revenue base, bolstered by a recurring revenue stream of approximately 68%.

This acquisition expands Wabtec’s Digital Intelligence business growth opportunities, effectively doubling the size of its total addressable market (TAM) from approximately $8 billion to $16 billion, while enhancing its ability to deliver innovative solutions to a broader range of customers.

Image credit: iStock

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