Charles Sternberg, Assistant Editor02.19.21
Antares Vision, a global provider of intelligent Track & Trace, Inspection and Smart Data Management solutions for the Life Science and Food & Beverage sectors, has entered into an agreement for the acquisition of rfXcel Corporation, a leading US-based Software-as-a-Service (SaaS) company, serving the Life Science and Food & Beverage sectors, for an upfront consideration of $120 million on a debt free and cash free basis.
rfXcel is a pure play software provider to the global Life Science sector, offering SaaS-based Track & Trace solutions that improve safety, enable regulatory compliance and deliver real-time business insights. The company provides supply chain digitalization and transparency through a comprehensive, data driven offering that includes traceability, serialization and integrated supply chain monitoring. rfXcel operates a 100% SaaS business model with a significant portion of its revenues deriving from long-term subscription-based contracts, largely recurring and with strong visibility.
Benefits of the Acquisition
The acquisition of rfXcel will strengthen further Antares Vision Group’s software capabilities, consolidating its position as one of the global leaders in Track & Trace. The Antares Vision Group will leverage rfXcel capabilities and software suite to help customers accelerating the transition towards digital and sustainable supply chains, enabling full transparency and visibility. The acquisition will also enable significant opportunities to cross-sell (i) rfXcel solutions across Antares Vision Group’s large and growing installed base of Track & Trace and Inspection solutions and across a broad, blue-chip customer base of over 2,500 clients, as well as (ii) Antares Vision Group’s products to rfXcel’s existing customer base.
Together with rfXcel, the Antares Vision Group makes an important headway to provide full stack end-to-end digital solution enabling traceability, serialization processing, regulatory compliance and gathering and monitoring of real-time data to optimize and streamline customers’ supply chains while providing complete end-to-end visibility: from the product ingredients and raw materials to the end customer experience. The acquisition meaningfully increases Antares Vision Group’s share of contracted, recurring, high growth and high margin software revenue, more than doubling to c.21% of total Group revenues (compared to 9% LTM as of June-2020 prior to the transaction).
Comments from Leadership
“Massimo and I are delighted that we have reached agreement to acquire rfXcel,” commented Emidio Zorzella, chairman and CEO of Antares Vision. “The acquisition has a compelling strategic rationale with strong operational and financial benefits. The combination will strengthen Antares Vision Group's position as one of the global leaders in the Track & Trace segment, accelerating our growth and representing an attractive value creation opportunity for our customers, our shareholder the whole Antares Vision Group.”
“This transaction represents the next chapter in rfXcel’s evolving story—the combined company will offer the most comprehensive Track and Trace solution in every market around the globe,” added Glenn Abood, president and founder of rfXcel. “When Jack Tarkoff and I started rfXcel over 17 years ago, our vision was to make it possible to Track & Trace finished goods, raw materials and ingredients as they move in the supply chain. Antares Vision shares the same goals and, by virtue of their size and global footprint, we will be able to accelerate our plans. The rfXcel management team is delighted to join with Antares Vision to offer customers in the Life Science, Food & Beverage and other industries the most complete end-to-end solution for Track & Trace on the market today.”
The acquisition is subject to customary closing conditions, including expiration of the Hart-Scott-Rodino waiting period in the US and the Russian Antitrust approval by Federal Antimonopoly Service, and is expected to close in March 2021.
rfXcel is a pure play software provider to the global Life Science sector, offering SaaS-based Track & Trace solutions that improve safety, enable regulatory compliance and deliver real-time business insights. The company provides supply chain digitalization and transparency through a comprehensive, data driven offering that includes traceability, serialization and integrated supply chain monitoring. rfXcel operates a 100% SaaS business model with a significant portion of its revenues deriving from long-term subscription-based contracts, largely recurring and with strong visibility.
Benefits of the Acquisition
The acquisition of rfXcel will strengthen further Antares Vision Group’s software capabilities, consolidating its position as one of the global leaders in Track & Trace. The Antares Vision Group will leverage rfXcel capabilities and software suite to help customers accelerating the transition towards digital and sustainable supply chains, enabling full transparency and visibility. The acquisition will also enable significant opportunities to cross-sell (i) rfXcel solutions across Antares Vision Group’s large and growing installed base of Track & Trace and Inspection solutions and across a broad, blue-chip customer base of over 2,500 clients, as well as (ii) Antares Vision Group’s products to rfXcel’s existing customer base.
Together with rfXcel, the Antares Vision Group makes an important headway to provide full stack end-to-end digital solution enabling traceability, serialization processing, regulatory compliance and gathering and monitoring of real-time data to optimize and streamline customers’ supply chains while providing complete end-to-end visibility: from the product ingredients and raw materials to the end customer experience. The acquisition meaningfully increases Antares Vision Group’s share of contracted, recurring, high growth and high margin software revenue, more than doubling to c.21% of total Group revenues (compared to 9% LTM as of June-2020 prior to the transaction).
Comments from Leadership
“Massimo and I are delighted that we have reached agreement to acquire rfXcel,” commented Emidio Zorzella, chairman and CEO of Antares Vision. “The acquisition has a compelling strategic rationale with strong operational and financial benefits. The combination will strengthen Antares Vision Group's position as one of the global leaders in the Track & Trace segment, accelerating our growth and representing an attractive value creation opportunity for our customers, our shareholder the whole Antares Vision Group.”
“This transaction represents the next chapter in rfXcel’s evolving story—the combined company will offer the most comprehensive Track and Trace solution in every market around the globe,” added Glenn Abood, president and founder of rfXcel. “When Jack Tarkoff and I started rfXcel over 17 years ago, our vision was to make it possible to Track & Trace finished goods, raw materials and ingredients as they move in the supply chain. Antares Vision shares the same goals and, by virtue of their size and global footprint, we will be able to accelerate our plans. The rfXcel management team is delighted to join with Antares Vision to offer customers in the Life Science, Food & Beverage and other industries the most complete end-to-end solution for Track & Trace on the market today.”
The acquisition is subject to customary closing conditions, including expiration of the Hart-Scott-Rodino waiting period in the US and the Russian Antitrust approval by Federal Antimonopoly Service, and is expected to close in March 2021.
