Solaredge enters UPS market with Gamatronic
SolarEdge Technologies, that it will enter the field of Uninterruptible Power Supply (UPS) by signing an asset purchase agreement with Gamatronic Electronic Industries Ltd (TLV: GAMT), a technology leader in the field. SolarEdge intends to leverage its track-record of technological innovation, operational excellence and power electronics expertise, in combination with Gamatronics' intellectual property, know-how, and market presence to build a leading global UPS business. Through this acquisition, SolarEdge will expand and diversify its business and continue to develop innovative technology that drives progress in smart energy and transforms the way the world produces and consumes energy.
Gamatronic develops, manufactures, and sells UPS electrical devices that provide emergency power to appliances when the input power source fails. The company's products include UPS systems of a wide range of outputs and monitoring and control solutions for power systems. Gamatronic has been selling its products since 1970 and today sells its products in the United States, China, Europe, South Africa, and Latin America.
"This acquisition is our first step in expanding our business to new fields outside the solar arena," stated Guy Sella, CEO and Chairman of SolarEdge. "The multi-billion dollar UPS market is expected to undergo significant changes in the coming years and we believe that combining SolarEdge's innovation, operational excellence and business leadership with Gamatronic's technology and extensive experience in this field will allow us to become a UPS market leader."
SolarEdge is purchasing substantially all of Gamatronic's assets, including its intellectual property, brand, and tangible assets. Upon closing of the agreement, approximately 100 of Gamatronic's employees will be rehired as SolarEdge employees. The agreement is subject to customary closing conditions and is expected to close by the end of the second quarter of 2018.
