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Swedish company acquires Finnish technology company Oy AJAT Ltd

03/07/2009

The Swedish company XCounter AB has acquired almost half of the shares in the Finnish technology company Oy AJAT Ltd. The shares were sold by the management of AJAT, Finnish Industry Investment Ltd and Thomcapital Oy. XCounter AB is listed on the Alternative Investment Market (AIM) of the London Stock Exchange.

AJAT develops and manufactures cutting-edge radiation imaging devices mainly for dental and industrial applications. Ajat’s technology has been particularly successful in dental X-ray applications. The imaging devices produced by Ajat are significantly more accurate and faster than others on the market. They can be used, among other things, for real-time checking of goods moving on a conveyor belt.

According to AJAT’s press release, XCounter AB is a technology leader in photon counting and tomosynthesis-based 3D medical imaging and the two companies will synergize to integrate AJATs sensors in the XCounter technology, which opens new markets for CdTe/CdZnTe-CMOS sensors. According to AJAT’s CEO Konstantinos Spatiotis, the company remains an independent advanced sensor manufacturer with an emphasis on dental and industrial applications, and is also aiming to expand into the medical sector.

According to Heli Kukko, investment manager at Finnish Industry Investment Ltd, AJAT is an excellent example of growth where a technology developed in Finland has been commercialised globally. AJAT has customers in Europe, Asia and the United States. Based in Espoo, AJAT was established in 2002 and currently has 18 employees. The company’s turnover in the last accounting period was more than EUR 3 million and it also turned in a profit.

Source: Finnish Industry Investment Ltd.