FARO Expands Digital Twin Product Suite – Acquires HoloBuilder Inc.

LAKE MARY, Florida, June 7, 2021 – FARO® Technologies, Inc. (NASDAQ: FARO), a global leader in 3D measurement and imaging solutions for metrology, AEC (Architecture, Engineering, and Construction), and public safety analytics, today announced the acquisition of HoloBuilder, Inc.

HoloBuilder brings its leading photogrammetry-based 3D platform to FARO, offering hardware-agnostic image capture, registration, and viewing for the rapidly growing digital twin market. Originally focused on construction management, HoloBuilder’s technology platform provides general contractors with a solution for efficiently capturing and virtually managing construction progress using off-the-shelf 360° cameras.

HoloBuilder’s SaaS platform complements FARO’s high-precision, point cloud-based 3D laser scans by adding fast and simple reality capture photo documentation and remote access capabilities. This creates the industry’s first end-to-end digital twin solution—all within the FARO ecosystem. The combined solution offers comprehensive scanning and image management capabilities for the digital twin market, including 3D simulation of robotic installations, construction management, operations and facility management, and deployment planning.

“The high value that digitization brings to the AEC and operations and maintenance industries opens significant market opportunities for FARO,” said Michael Burger, President and CEO of FARO. “Adding HoloBuilder to our portfolio brings us closer to the reality of a true end-to-end digital twin solution and advances our strategic goal of increasing recurring revenue through market share gains in this large and growing segment.”

“The merger of HoloBuilder and FARO advances our vision of digitizing the physical world for process automation and workflow optimization,” added Mostafa Akbari-Hochberg, President and Founder of HoloBuilder. “The powerful combination of high-precision laser scanning with 360° photo capture and real-time collaboration will provide both companies’ customers with a comprehensive digital twin solution.”

As part of the agreement, HoloBuilder shareholders received a cash payment of $34 million. As of April 30, 2021, HoloBuilder had an annual recurring revenue of $4 million with a compound annual growth rate of nearly 75% since 2019. The transaction closed on June 4 and was funded using existing cash reserves.

About FARO

For years, FARO has provided industry-leading technology solutions that enable customers to quickly and easily perform measurements to effectively utilize the data they collect. FARO continues to pioneer the bridge between the digital and physical worlds through data-driven, reliable accuracy, precision, and speed. For more information, visit www.faro.com.

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