Brady Corporation (NYSE: BRC) (“Brady”) announced today that it has acquired Magicard Limited (“Magicard” or the “Company”) for approximately GBP 42 million (approximately USD 59 million). Brady Corporation will fund the transaction with cash held outside the United States. Magicard, with forecasted sales of approximately GBP 23 million (approximately USD 32 million) for the year ending December 31, 2021, is a pioneer of ID card-printing technologies with a full range of desktop devices to meet a wide variety of local, on-demand, secure ID card issuance requirements.

Magicard was founded in 1992 and is headquartered in Weymouth, United Kingdom. The Company specializes in identification card printers with high-resolution, full-color image capabilities, built-in card security features and the ability to encode smart cards. In addition to card printers, Magicard offers TrustID desktop ID card issuance software and Securicards smart cards. The Company’s products are sold into a variety of end markets and industries. Brady is a leader in high-performance niche application industrial printers and materials, and the acquisition of Magicard adds rigid card printing and encoding capabilities to Brady’s extensive printer offering.

“Magicard is a highly regarded U.K.-based company that is well known globally for its innovation and differentiated products,” said Brady’s President and Chief Executive Officer, J. Michael Nauman. “The acquisition of Magicard allows Brady to expand our product offering into rigid-card printing and encoding. Magicard has a complementary product offering that allows Brady to offer new printing capabilities to a diverse set of customers and industries. We intend to expand Magicard’s addressable market through Brady’s global footprint throughout Europe, Asia and the Americas.”

Ian Cliffe, CEO of Magicard stated, “Over the last several years, we expanded and enhanced Magicard’s new product development and manufacturing capabilities, and we’ve broadened our portfolio of high quality, versatile, secure printing solutions. The sale of Magicard to a market leader in printing and material solutions such as Brady presents an excellent opportunity for long-term profitable growth for our business.”

Excluding one-time acquisition-related costs, Brady expects this acquisition to be slightly accretive to earnings per diluted share for the remainder of the fiscal year ending July 31, 2021.