LINCOLNSHIRE, Ill. and MORRIS PLAINS, N.J. — January 28, 2019 — Zebra Technologies Corporation (NASDAQ: ZBRA), an innovator at the edge of the enterprise with solutions and partners that enable businesses to gain a performance edge, today announced that it intends to acquire Temptime Corporation, a privately-held developer and manufacturer of temperature monitoring solutions for mission-critical applications in the healthcare industry.
Founded in 1987, Temptime is the leading developer of highly differentiated technology with approximately 90 issued patents in place. This technology visually notifies users if medical and biological products and shipments have experienced a temperature deviation. Temptime is the leader in designing and manufacturing a time-temperature monitoring product portfolio that meets the strict specifications of the largest global health organizations' vaccination programs. Temptime serves every global manufacturer that participates in these programs.
"The acquisition of Temptime advances the integration of smart supplies into our Enterprise Asset Intelligence vision as we incorporate temperature-monitoring capabilities," said Anders Gustafsson, chief executive officer of Zebra Technologies. "This acquisition aligns well with our strategy to expand into high-growth areas that are a strong fit for Zebra. We have the unique ability to scale this technology deeper into the healthcare industry and drive it into other key opportunities such as food safety that can benefit from increased asset visibility."
"We are very excited to join Zebra and work together to advance our technology from visual to digital temperature indicators. This will enable us to more quickly accelerate our innovation to benefit our customers," said Renaat Van den Hooff, president and chief executive officer of Temptime, who will be a key leader in the business integration. "Zebra's expertise in healthcare complements our commitment to supporting our humanitarian mission of improving global health."
Zebra expects to fund the acquisition of Temptime with a combination of cash on hand along with fully committed financing available under its credit facility. Zebra expects this transaction to be immediately accretive to earnings. The transaction is subject to customary closing conditions, including regulatory approvals and is expected to close in the first quarter of 2019. Financial terms of the acquisition are not being disclosed.
Zebra Technologies Safe Harbor Statement
This press release contains forward-looking statements, as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation, the statements regarding the company's outlook and the ability to complete the acquisition of Temptime. Actual results may differ from those expressed or implied in the company's forward-looking statements. These statements represent estimates only as of the date they were made. Zebra undertakes no obligation, other than as may be required by law, to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason after the date of this release.
These forward-looking statements are based on current expectations, forecasts and assumptions and are subject to the risks and uncertainties inherent in Zebra's industry, market conditions, general domestic and international economic conditions, and other factors. These factors include customer acceptance of Zebra's hardware and software products and competitors' product offerings, and the potential effects of technological changes. The continued uncertainty over future global economic conditions, the availability of credit and capital markets volatility may have adverse effects on Zebra, its suppliers and its customers. In addition, a disruption in our ability to obtain products from vendors as a result of supply chain constraints, natural disasters or other circumstances could restrict sales and negatively affect customer relationships. Profits and profitability will be affected by Zebra's ability to control manufacturing and operating costs. Because of its debt, interest rates and financial market conditions will also have an impact on results. Foreign exchange rates will have an effect on financial results because of the large percentage of our international sales. The outcome of litigation in which Zebra may be involved is another factor. The success of integrating acquisitions could also affect profitability, reported results and the company's competitive position in its industry. These and other factors could have an adverse effect on Zebra's sales, gross profit margins and results of operations and increase the volatility of our financial results. When used in this release and documents referenced, the words "anticipate," "believe," "outlook," and "expect" and similar expressions, as they relate to the company or its management, are intended to identify such forward-looking statements, but are not the exclusive means of identifying these statements. Descriptions of the risks, uncertainties and other factors that could affect the company's future operations and results can be found in Zebra's filings with the Securities and Exchange Commission, including the company's most recent Form 10-K.
About Temptime Corporation
Temptime is the world leader in development and manufacturing of time-temperature indicators to the healthcare industry. The company plays a vital role in improving global health by providing solutions that monitor temperature-sensitive medical and biological products and devices. The world's largest health organizations and life science manufacturers use Temptime's products to ensure that potentially damaging temperature events to their medical products and supplies are always identified. To learn more about Temptime, please visit www.temptimecorp.com.
About Zebra
Zebra (NASDAQ: ZBRA) empowers the front line of business in retail/ecommerce, manufacturing, transportation and logistics, healthcare and other industries to achieve a performance edge. With more than 10,000 partners across 100 countries, we deliver industry-tailored, end-to-end solutions that intelligently connect people, assets and data to help our customers make business-critical decisions. Our market-leading solutions elevate the shopping experience, track and manage inventory as well as improve supply chain efficiency and patient care. Ranked on Forbes' list of America's Best Employers for the last three years, Zebra helps our customers capture their edge. For more information, visit www.zebra.com or sign up for our news alerts. Follow us on LinkedIn, Twitter and Facebook.
Investor Contact:
Michael Steele, CFA, IRC
Zebra Technologies
Vice President, Investor Relations
Phone: + 1 847 793 6707
msteele@zebra.com
Media Contact:
Therese Van Ryne
Zebra Technologies
Director, Global Public Relations
Phone: + 1 847 370 2317
therese.vanryne@zebra.com
Temptime Contact:
Rebecca Zenz
Vice President, Human Resources
Phone: +1 973 630 6021
BeckyZ@temptimecorp.com
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