SARASOTA, FL, May 18, 2023 – Helios Technologies, Inc., a global leader in highly engineered motion control and electronic controls technology for diverse end markets, has announced it signed a definitive agreement to acquire i3 Product Development (or i3). i3 is a custom engineering services firm, with over 55 engineers, embodying expertise in electronics, mechanical, industrial, embedded and software engineering. Their solutions are used across many sectors, including medical, off-highway, recreational and commercial marine, power sports, health and wellness, agriculture, consumer goods, industrial, sports and fitness. Additionally, they specialize in working to transform customer’s ideas into industrial design solutions through rapid prototyping and creating 3D models in-house. A Top Workplace award winner for multiple years in the state of Wisconsin, i3 has locations in both Sun Prairie and Middleton.
“Innovation has been the lifeblood of Helios from its founding”, commented Josef Matosevic, Helios’ president, and chief executive officer. “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. They will complement our existing internal engineering teams across all our operating companies. i3 will enable us to provide our customers with additional highly skilled professionals that can solve their most complex challenges and help them stay ahead of their competition. We can also leverage the IoT (Internet of Things) software platform that i3 has developed to support the telematics and analytics vision that we have been articulating. 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 of i3 is expected to help augment other Helios businesses by providing profitable engineering, consulting, and product development services for customer-specific solutions that go beyond the current products and solutions offered by Helios. Helios expects to close the transaction in the second quarter of 2023, subject to customary closing conditions. Helios will fund the acquisition through a combination of cash and equity. Terms of the acquisition were not disclosed.
About i3 Product Development
By sticking to its founding principles of Innovation, Inspiration, and Integrity, i3 generated over $13 million in revenue during 2022. i3 has served more than 450 clients and completed over 4,000 projects in its 28-year history. i3 is inspired to create products that holistically combine emotion, user-centered design, engineered precision, quality craftsmanship, smart technology, and design for manufacturability. i3 takes pride in the details and the creative solutions to deliver products that are genuinely easy for users to enjoy.
For more information, please visit www.i3pd.com.
About Helios Technologies
Helios Technologies is a global leader in highly engineered motion control and electronic controls technology for diverse end markets, including construction, material handling, agriculture, energy, recreational vehicles, marine and health and wellness. Helios sells its products to customers in over 90 countries around the world. Its strategy for growth is to be the leading provider in niche markets, with premier products and solutions through innovative product development and acquisition. The Company has paid a cash dividend to its shareholders every quarter since becoming a public company in 1997.
For more information, please visit www.heliostechnologies.com.