Benzinga | Jan 8, 2021 07:59AM EST

Advanced Energy Acquires Versatile Power; Terms Not Disclosed

AE expands presence in the growing medical market with field-proven low power RF technology

Advanced Energy (NASDAQ:AEIS), a global leader in highly engineered, precision power conversion, measurement, and control solutions, today announced that it has completed the acquisition of Versatile Power, a Campbell, California-based provider of radio frequency (RF) and programmable power supplies for medical and industrial applications. This strategic acquisition further expands AE's presence in the medical market by adding proven technologies, deep customer relationships, and a talented technical team with expertise in medical design and a medical-certified manufacturing center.

"Versatile Power brings a long history in providing RF power supplies for therapeutic applications, consistent with our strategy to accelerate our presence in the medical equipment industry," said President and CEO Yuval Wasserman. "We continue to use strategic acquisitions to expand our reach and content by enhancing our portfolio of products and technologies."

The Company expects this small acquisition to be accretive to earnings within this year. Terms of the acquisition were not disclosed; management will provide more details during the fourth quarter 2020 earnings conference call in February.