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UK: Advantech to complete acquisition of U.K. firm in January

UK: Advantech to complete acquisition of U.K. firm in January

Advantech Co. Ltd., a Taiwanese embedded computing service provider, said today that it expects its acquisition of Innocore Gaming Ltd. of the United Kingdom to be completed in January next year.

Advantech said the deal to buy the gaming platform provider is expected to boost its revenue in the gaming computing business, which currently accounts for only about 2 percent of its total sales.

A day earlier, Advantech announced that it had agreed to acquire Innocore in its entirety for about NT$163 million (US$5.36 million), with the aim of tapping the European and U.S. markets, in which the U.K. firm has established a strong foothold.

Innocore, founded in 2007, specializes in designing and manufacturing industrial-grade hardware and dedicated software for the gaming industry.

Last year, Innocore posted sales of some NT$244 million, with 87 percent of the revenue generated in Europe and the U.S., while its operating profit totaled about NT$19.52 million, according to Advantech.

The new Advantech- Innocore business represents a major leap forward for the gaming computing market, the Taiwanese company said.

"Innocore has an unrivalled brand name and with an impressive track record of growth, product development and dedicated experience, provides the ideal opportunity for Advantech, " Advantech Chairman and CEO K.C. Liu said in a statement.

Innocore Managing Director Edward Price said the deal will combine the research and development resources of Advantech and Innocore to expand and accelerate the product line.

Liu said his company is committed to ensuring satisfaction for Innocore's existing customers, which will be the highest priority for Advantech-Innocore.