Hexagon AB has signed a definitive agreement to acquire Waygate Technologies (Waygate). Part of Baker Hughes’ Industrial & Energy Technology (IET) segment, Waygate is a global provider of advanced non-destructive testing (NDT) for the inspection of critical assets without disruption. The sale encompasses Waygate’s remote visual inspection, ultrasound, radiography, and imaging solutions portfolios, and all assets of the business, including intellectual property, footprint, and resources.
The acquisition marks a significant expansion of Hexagon’s Manufacturing Intelligence Business Area into the NDT market — a space Hexagon views as a natural evolution of its core precision measurement capabilities, extending quality assurance from the surface of a component to its interior geometry. Alongside the expansionary market opportunity and the strategic fit, the transaction represents a compelling value creation opportunity, with a pathway to improve Waygate’s margins through strategic actions, manufacturing optimization, China localization, and revenue synergies across the combined customer base.
“This acquisition is a natural and exciting evolution of Hexagon Manufacturing Intelligence’s strategy,” said Anders Svensson, president and chief executive officer (CEO) of Hexagon. “Waygate Technologies brings world-class inspection technology and deeply loyal customer relationships in markets that are highly complementary to our own. By combining Waygate’s NDT expertise with Hexagon’s precision measurement portfolio, software capabilities, and global infrastructure, we will create a uniquely integrated offering that helps our customers achieve higher quality, greater efficiency, and improved confidence across the full product lifecycle. We also see a significant opportunity to create value by applying Hexagon’s operating model, which is built on driving closeness to customers via accountability and strong performance management, to Waygate’s businesses and driving meaningful margin improvement over the medium term.”
Headquartered in Germany and operating across 25 locations worldwide, Waygate employs approximately 1500 people and generates approximately US$630 million in annual revenue, with a presence spanning North America (30% of revenue), Europe (28%), Asia (34%) and Rest of World (8%).
Waygate comprises four business units, which are classified Radiography, Remote Visual Inspection, Ultrasonic Testing, and Imaging Solutions. The combination of Waygate with Hexagon Manufacturing Intelligence creates an integrated precision measurement and inspection platform, bringing together Hexagon’s metrology hardware, software, and data analytics capabilities with Waygate’s NDT portfolio.
“This transaction marks another significant milestone and reinforces our ongoing commitment to long-term value creation for our shareholders,” said Lorenzo Simonelli chair and chief executive officer at Baker Hughes. “By sharpening our focus on our core strengths — rotating equipment, flow control, digital, production optimization and decarbonization — we are strategically positioning Baker Hughes to deliver higher returns while accelerating investment in high-growth areas that are aligned with our long-term vision.”
