Sarasota's Helios Technologies Buys Chinese Software Company

Sarasota FL

11 October, 2021

4:43 PM

Description

SARASOTA, FL — Helios Technologies, a Sarasota-based global leader in motion control and electronic controls technology, is expanding its footprint with the purchase of Shenzhen Joyonway Electronics & Technology Co., Ltd. (Joyonway) in China, according to a news release from Helios. The publicly traded company entered into a definitive agreement to purchase Joyonway in May. Joyonway is a fast-growing developer of control panels, software, systems and accessories for the health and wellness industry and operates in two cities, Shenzhen and Dongguan, which Helios said are in China's hub of electronics and software development. Josef Matosevic, Helios' president and CEO, said the purchase of Joyonway complements the electronic controls technology created by the Balboa Water Group, which it acquired in November for $218.5 million, in Mexico. With the purchase of Joyonway, Matosevic said he expects Helios to achieve $1 billion in sales by the end of 2023. Like what you're reading? Invite a friend to subscribe to free Sarasota newsletters and real-time email alerts. Since last year, Helios has purchased multiple companies around the world, in addition to Balboa and Joyonway. In January, Helios acquired BJN Technologies, an engineering solutions provider headquartered in San Antonio, Texas. Months later, in July, Helios then bought NEM, a hydraulic solutions company based in northern Italy. "After the successful closing of NEM in July, the completion of the Joyonway asset acquisition provides another example of the effectiveness of our flywheel acquisition strategy. Joyonway complements the electronic controls platform from our Balboa Water Group acquisition by bringing an innovative portfolio of new solutions, strengthening our supply chain through broader geographic reach, increasing our manufacturing capacity to meet growing global demand as well as better servicing 'in the region for the region,'" Matosevic said.