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Pictometry International Corp., one of the region’s fastest-growing companies over the past decade, merged Monday with EagleView Technologies Inc., based in Bothell, Wash., near Seattle.
The two companies logged combined pro forma revenues of more than $100 million in 2012. Given the highly complementary nature of each business, officials said they expect the integration process to be seamless for customers as well as the majority of employees.
Henrietta-based Pictometry, founded in 2000, has more than 300 employees, including 200 in the Rochester area.
Under the terms of the agreement, EagleView and Pictometry merged in a stock-for-stock merger-of-equals transaction. Both EagleView and Pictometry became wholly owned subsidiaries of a new entity.
As a result, the former shareholders of EagleView and Pictometry will each hold some 50 percent of the outstanding capital stock of the combined company.
The merger was approved unanimously by the boards of EagleView and Pictometry, and approved by the shareholders of both companies, the firms said.
EagleView provides automated 3-D measurement technologies and analysis products. Pictometry is the global leader in geo-referenced aerial image capture and visual-centric data analytics.
The combined firm will offer comprehensive capabilities in aerial imagery collections, geospatial analytics and 3-D measurement technologies, the companies said. The combination also gives the combined company a more diversified revenue base, greater financial resources, advanced product capabilities and significant growth opportunities.
EagleView CEO Chris Barrow will lead the management team of the combined company as president and CEO. Pictometry CEO Richard Hurwitz will exit the business, the companies said. The management team will draw on executives from both companies with the six-member board of directors comprised of three EagleView directors and three Pictometry directors.
The combined company is to operate with offices in Bothell, Wash., and Henrietta, and maintain satellite offices in other locations.
"Bringing together the complementary talents and capabilities of these two category-defining companies represents a crowning step in Pictometry's strategic evolution," Hurwitz said in a statement released late Monday. "This merger creates an integrated company with greater scale and diversification that will afford tremendous upside to customers and shareholders."
Barrow said the deal creates a platform for continued strong growth and accelerating innovation.
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