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