Luna Innovations has sold its Optoelectronic Solutions (OPTO) business to OSI Optoelectronics, a subsidiary of OSI Systems, for up to $18.5 million.
Luna’s OPTO division designs and manufactures fully integrated photonic solutions. Luna acquired the business in 2015 as part of its merger with Advanced Photonix. The division reported revenue of $13.1 million for the year ended December 31, 2017. As part of the transaction, employees associated with the OPTO division located in Camarillo, CA and Montreal, Quebec, are expected to transfer to OSI.
Luna said it plans to use transaction proceeds to invest in its core fiber optic based test and measurement platform.
OSI Systems is a vertically integrated designer and manufacturer of specialized electronic systems and components for critical applications in the homeland security, healthcare, defense, and aerospace industries.
“The transaction demonstrates strong execution of our strategy to focus our business on our core, fiber optic based test and measurement technology platform,” said Scott Graeff, President and Chief Executive Officer of Luna.
“The addition of Luna’s Optoelectronic Solutions business is well aligned with our focus on expanding and enhancing our product portfolios,” said Manoocher Mansouri, OSI Optoelectronics’ President. “As a leader in this area, this acquisition is expected to be a complementary addition with its highly regarded, customized solutions.”
