TOKYO: In a major takeover, Seiko Epson Corporation has acquired software development company Avasys Corporation, which has capability and expertise to develop embedded software for information-related and industrial equipment, and in creating cloud-based applications. However, there was no information available on the amount involved in the takeover exercise.
Epson had in 1990 took an equity stake in Avasys, and since then, the company has been fulfilling its role as a business partner by contributing to the overall competitiveness of Epson products by developing embedded software for printers. Founded in 1980, Avasys is worth more than 300 million Yen with revenue for the year ended March 2013 reaching 3.5 billion Yen.
With Avasys' wealth of knowledge about Epson products, making the company a subsidiary will boost the Epson Group's ability to plan and develop software, and will accelerate its efforts to create a range of more attractive products including wearables and industrial equipment, an information pasted on the company website stated.