Oy Ajat Ltd, Developer of Digital Radiation Cameras, Acquired by Swedish Company

Investments in companies - 29.6.2009

Swedish company XCounter AB, which is listed on the AIM stock exchange, has acquired almost one-half of the Finnish technology company Oy Ajat Ltd. Vendors in this transaction, in addition to Ajat’s executive management, are Finnish Industry Investment Ltd, which divested all its holding in the company, and also Thomcapital Oy.

Ajat develops and sells digital radiation imaging cameras for dentistry, medical applications and industrial use. Most notably, Ajat’s technology has been highly successful in dental X-ray applications. The company’s cameras are far more precise and faster than their market contenders and can, for example, inspect in real-time products moving on a conveyor belt.

"With customers in Europe, Asia and the USA, Ajat is an excellent example of a growth company that has succeeded in globally commercialising Finnish-developed technology," says Finnish Industry Investment Ltd’s Investment Manager Heli Kukko.

Established in 2002, Ajat today employs 18 people. In 2008 the Espoo-based company generated net sales of over MEUR 3 and posted a profit.

For more information:

- Tero Nummenpää, Board Member, Oy Ajat Ltd, phone +358 40 521 2585, tero.nummenpaa (at) ajat.fi

- Konstantinos Spartiotis, CEO, Oy Ajat Ltd, phone +358 40 568 1865, knstantin.spartiotis (at) ajat.fi

- Heli Kukko, Investment Manager, Finnish Industry Investment Ltd, phone +358 400 772 833, heli.kukko (at) industryinvestment.com

- Mikael Strindlund, CEO, XCounter AB, phone +46 702 695 303, mikael.strindlund (at) xcounter.se