Sandvik Coromant to Acquire ICAM

Sandvik has signed an agreement to acquire Canada-based ICAM Technologies Corporation, a provider of innovative solutions that translate ...

 

Sandvik has signed an agreement to acquire Canada-based ICAM Technologies Corporation, a provider of innovative solutions that translate CAM data into optimized coding for guiding CNC machining operations. With a global reach, ICAM sells to some of the world’s most renowned companies in the Aerospace and Defense, General Engineering and Automotive industries. The company will be reported in Sandvik Coromant, a division within Sandvik Manufacturing and Machining Solutions. 

"I am really happy to welcome ICAM to Sandvik Coromant and I look forward to us working together and strengthening our offer to our customers. ICAM's ability to deliver code reliability across all major CAD/CAM systems is well-aligned with our goal to serve all our customers in the best way possible, with a CAD/CAM-neutral portfolio” says Helen Blomqvist, president Sandvik Coromant.    

ICAM’s software combines post-processing, machine simulation, and tool-path optimization into solutions that save programming and part machining time, streamlining customer workflows as the user can go from their CAM system to verified and optimized coding (G-code) in just one step. ICAM’s offering is complimentary with the verification and optimization technology of CGTech, a global leader in software for numerical control (NC/CNC) simulation, verification and optimization, also owned by Sandvik and reporting into Sandvik Coromant. 

“For more than 30 years, CGTech has been a leader in simulating CNC machining, while ICAM has been a leading processing provider. ICAM and CGTech synergies will give customers a competitive advantage by reducing machining time and dependency on programming experience.  Like CGTech, ICAM is a technology leader with entrepreneurial spirit, and we have known and respected each other for years. We look forward to working with everyone on the ICAM team.” says Margaret Schmitt, president of CGTech.    
 
“I and the rest of the ICAM team are really excited about the future. For many decades ICAM and CGTech have seen the world of CAM systems, computers, operating systems, machine tools and their controls evolve exponentially. And only through hard work, focus and dedication, both companies not only kept pace with all this change but have distinguished ourselves in our respective disciplines. ICAM and CGTech continue to share the same prestigious customer base who use our products as part of the most dependable and accurate Virtual Part Manufacturing Process in all metal removal industries worldwide. On top of all this, we come from the same business culture, we have similar roots and equally have a rare tremendous depth-of-knowledge in a very complex world guaranteeing that this new relationship holds huge potential and promise for developing even greater innovations for our customers for years to come” says John Nassr owner of ICAM.   
 
ICAM was founded in 1971 in Montreal, Canada and currently has 27 employees. In 2020, the company had revenues of approximately SEK 30 million and an EBITA margin of approximately 25%. The transaction is expected to close during the fourth quarter of 2021 and is subject to customary closing conditions. 

For more information:

Sandvik Coromant
URL: 
www.sandvik.coromant.com