Zebra Technologies Corp. announced Monday that it intends to acquire Morris Plains-based Temptime Corp., a privately held developer and manufacturer of temperature monitoring solutions for mission-critical applications in the health care industry.
Temptime develops technology that visually notifies users if medical and biological products and shipments have experienced a temperature deviation.
“The acquisition of Temptime advances the integration of smart supplies into our Enterprise Asset Intelligence vision as we incorporate temperature-monitoring capabilities,” said Anders Gustafsson, CEO of Zebra Technologies in a statement. “This acquisition aligns well with our strategy to expand into high-growth areas that are a strong fit for Zebra. We have the unique ability to scale this technology deeper into the health care industry and drive it into other key opportunities such as food safety that can benefit from increased asset visibility.”
Zebra, based in Lincolnshire, Ill., said that it expects to fund the acquisition of Temptime with a combination of cash on hand along with fully committed financing available under its credit facility. The transaction is subject to customary closing conditions, including regulatory approvals and is expected to close in the first quarter of 2019. Financial terms of the acquisition are not being disclosed.