May 7, 2020
Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to Lucidyne Technologies, Inc. (“Lucidyne”), a world-leading manufacturer of AI-enabled computer vision, scanning and automation technologies for the forest products industry, in its acquisition by Microtec. Cascadia’s expertise in advanced manufacturing and automation created an exceptional outcome for Lucidyne.
Based in Bressanone, Italy, Microtec has been delivering advanced scanning and optimization systems for 40 years and has a strong foothold in the European lumber scanning market. Lucidyne, based in Corvallis, Oregon, is the industry leader in computer vision and automation technology, having introduced one of the earliest AI-enabled scanning arrays over two decades ago. Lucidyne has continued its market leading innovation in sensors and cutting edge AI with its patented Perceptive Sight deep learning AI system, which significantly improves lumber scanning speed, accuracy and yield optimization.
The acquisition expands both companies’ product lines and geographical reach. The application of Lucidyne’s Perceptive Sight technology across Microtec’s broad product range creates the most comprehensive, technologically advanced suite of end-to-end lumber scanning solutions in the world. The unique ability to create a mill-wide, integrated AI-driven scanning solution will drive sales for both companies and create a leading partnership for product development as the industry evolves.
“The Cascadia team understood our technology and its potential value. After we identified the right partner, their expertise helped drive the process to a fast closing, despite an unprecedented market environment,” noted George Carman, Founder of Lucidyne.
“Success in automation requires significant market knowledge and a fundamental understanding of the technology,” added Firdaus Pohowalla, Cascadia Capital Managing Director. “Lucidyne represents the cutting edge integration of computer vision, robotics and automation and we are pleased to have enabled the next step in its tremendous growth potential.”
For more information about this transaction, please contact the Cascadia Capital deal team: