CORNWALL – A German electronics company is buying Cornwall’s SigmaPoint Technologies.
KATEK SE announced the deal this week and hopes to conclude the transaction this year once a share purchase agreement is finalized, pending regulatory approvals.
The company is hopeful that buying SigmaPoint will allow it to break into new markets in the homeland security and defence sectors in North America and also give its European customers access to the North American market.
“The very good match between corporate culture and values (between the two companies) was also decisive,” KATEK CEO Rainer Koppitz said in a statement.
SigmaPoint CEO Daniel Bergeron concurred. “Our two companies have a lot in common, most notable our work culture, customer-centric values and lean principles.”
SigmaPoint on Marleau Avenue currently has around 280 employees.
Just over a year ago, the Cornwall company took out a $1 million FedDev Ontario loan to allow it to scale up operations.
During the pandemic, SigmaPoint was tasked with making circuit boards for 10,000 ventilators.