FARO's strategy to enable the digitalization of the world's physical assets includes the development of software applications to increase the value customers realize from FARO's broad set of 3D capture tools. To ensure the focus needed for success, Patrick Bohle and his team will be singularly focused on the identification, creation and deployment of software targeted at generating customer insights from 4D digital reality capture.
FARO will initially target applications in Facilities Management as well as the $7 trillion Construction market, of which approximately 10% is spent on waste. Improving customers' workflows to leverage 4D virtual models can reduce waste and dramatically improve customers' productivity, predictability, and profitability, thereby enabling strong growth and long-term financial performance at FARO.
"As we enter the next phase of FARO's transformation, I'm pleased to have Pat, a senior executive with extensive experience, leading our SaaS business which is focused on the Architectural, Construction, Engineering and Operations (AECO) market," stated Michael Burger, FARO's President and Chief Executive Officer.
"I'm excited by the opportunity to leverage FARO's leadership position in 3D hardware to improve customer insights and generate value from 4D models," said Patrick Bohle, President, Building Insights. "FARO has the foundational technology to offer the broadest set of capabilities that will drive long-term demand for both FARO hardware and software as we integrate virtualized management and collaboration into customer workflows in the building lifecycle management market," concluded Bohle.
FARO serves the AEC, O&M (Facility Operations & Maintenance), 3D Metrology, and Public Safety Analytics markets. For over 40 years, FARO has provided industry-leading technology solutions that enable customers to digitize their world and use that data to make smarter decisions faster. FARO continues to be a pioneer in bridging the digital and physical worlds through data-driven accuracy, precision, and immediacy. For more information, visit FARO.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties, such as statements about the accretive value of the acquisition, FARO's strategic and product prospects, and FARO's growth potential and profitability. Statements that are not historical facts or that describe FARO's plans, objectives, projections, expectations, assumptions, strategies, or goals are forward-looking statements. In addition, words such as "is," "will," "intend," "believe," "expect," "may," "could" or "should," and similar expressions or discussions of FARO's plans or other intentions identify forward-looking statements. Forward-looking statements are not guarantees of future performance and are subject to various known and unknown risks, uncertainties, and other factors that may cause actual results, performances, or achievements to differ materially from future results, performances, or achievements expressed or implied by such forward-looking statements. Consequently, undue reliance should not be placed on these forward-looking statements. Factors that could cause actual results to differ materially from what is expressed or forecasted in such forward-looking statements include, but are not limited to: the Company's ability to realize the intended benefits of this acquisition and to improve operational effectiveness; the Company's ability to successfully execute its acquisition and strategic plan; the Company's ability to maintain its technological advantage by developing new products and enhancing its existing products; the effect of the COVID-19 pandemic, including on the Company's business operations, as well as its impact on general economic and financial market conditions; the impact of fluctuations in foreign exchange rates; and other risks detailed in Part I, Item 1A. Risk Factors in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 16, 2022 and in its Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 filed with the SEC on August 3, 2022. Forward-looking statements in this release represent the Company's judgment as of the date of this release. The Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise, unless otherwise required by law.
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SOURCE FARO
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