McCoy Global Inc. Announces Strategic Asset Acquisition Of 3PS Inc.
Edmonton, Alberta– McCoy Global Inc. today announced that it has acquired the assets of Austin, Texas based 3PS, Inc. (“3PS” or “the Company”), a wholly owned subsidiary of Pason Systems Inc (TSX:PSI). 3PS specializes in sensors, systems and services for heavy industry applications, including Torque and Tension Sub (TTS) technology. The asset purchase, which includes the real estate of 3PS, is for total consideration of US $6.1 million, subject to any closing adjustments.
“3PS is an ideal strategic acquisition: it positions McCoy as a TTS global technology leader and contributes valuable design and engineering expertise for further development of data collection technologies,” said Jim Rakievich, President and CEO of McCoy Global. “McCoy’s and 3PS’s complementary customer base; product and service portfolios; and skilled research and development teams will provide significant growth opportunities. 3PS has traditionally sold the majority of its products and services to customers in the United States, so this combination will increase our exposure and customer service capabilities within that robust market. Similarly, leveraging McCoy’s global footprint will provide additional international sales and service opportunities in the Eastern Hemisphere. Finally, 3PS’s proficiency in developing highly engineered sensor and software products will broaden the technical expertise of McCoy’s product development team. We are looking forward to welcoming 3PS to our organization and working together to develop exciting growth opportunities.”
3PS designs and engineers customized sensors and related systems for a variety of applications and industries including oil and gas, construction, marine, and aerospace. 3PS’s oil and gas products and services include an Iron Roughneck Torque Tester (IRTT) and the TTS.