Global Graphics broadens its scope with TTP Meteor acquisition

Software company Global Graphics has acquired the entire issued share capital of printhead driver systems manufacturer TTP Meteor Limited from the TTP Group plc.

Cambridge-based TTP has been involved in developing printing technologies since 1987, with printhead drive electronics supplied under the Meteor brand since 2006. A wholly-owned subsidiary of Global Graphics, Meteor will operate as an independent entity and continue to be led by managing director Clive Ayling. It is expected that the company name will change from TTP Meteor Limited to Meteor Inkjet Limited.

Gary Fry, Global Graphics’ CEO, said, ‘Meteor has established itself as an influential player in the inkjet market and has a deep understanding of the science and engineering underpinning digital printing. This acquisition is strategically important for Global Graphics because it means we can offer a broader solution to inkjet press manufacturers by combining our software solutions with Meteor’s industrial printhead driver solutions. Meteor adds to our capability, making us a very compelling proposition in the market. We already share joint customers and our goal is to substantially grow this base.’

Rob Day, TTP’s head of print technology, commented, ‘Having nurtured Meteor through its initial technology and IP development phase into a mature and profitable business, we are delighted to see it become a subsidiary of Global Graphics. There is immense strategic synergy between the two companies. This will allow the Meteor team to broaden its offering to existing customers, and accelerate the acquisition of new ones. TTP’s Print Technology Division will continue to develop novel printing systems and print technology, and looks forward to working with Meteor’s products in future systems integration projects.’

Consideration for the acquisition is £1.2 million in cash followed by a maximum deferred consideration of £3.6 million. For the year ended 31 March 2016, Meteor generated sales of £2.5 million and a loss before tax of £0.2 million. For the eight months ended 25 November 2016 Meteor’s management accounts showed sales of £2.5 million and a profit before tax of £0.3 million. The acquisition is expected to be earnings enhancing in the financial year ending 31 December 2017.