Hexagon Acquires Waygate Technologies Expanding NDT Solutions

Hexagon AB, a global leader in metrology, reality capture, and positioning technologies, has agreed to acquire Waygate Technologies, a leading provider of non-destructive testing (NDT) solutions, from Baker Hughes. The transaction, announced on April 13, 2026, marks a strategic expansion of Hexagon’s Manufacturing Intelligence (MI) Business Area into the industrial inspection and quality assurance market.

The total consideration for the acquisition is approximately $1.45 billion, to be paid in cash on a debt-free basis. Based on Waygate’s fiscal year 2025 financials — revenues of approximately $630 million and EBITDA of $83 million — the transaction implies an EV/Revenue multiple of approximately 2.3x and an EV/EBITDA multiple of approximately 17.5x. Waygate generated an EBIT margin of approximately 10% in fiscal year 2025, with its higher-performing Radiography and Remote Visual Inspection (RVI) segments — representing around $330 million in combined revenue — achieving a stronger EBIT margin of approximately 16%.

Waygate Technologies is recognized for its advanced NDT portfolio spanning computed tomography (CT), radiography, remote visual inspection, and ultrasonic testing, enabling industrial customers to inspect and ensure asset integrity without damaging equipment. The business employs approximately 1,500 people across 25 locations globally, with revenue spread across North America (30%), Europe (28%), Asia (34%), and the rest of the world (8%).

The acquisition allows Hexagon to integrate Waygate’s NDT capabilities with its existing metrology, digital twin, and CT analysis software — most notably its Volume Graphics CT visualisation platform — creating a more comprehensive end-to-end industrial inspection solution. Hexagon views the combination as a natural extension of its precision measurement capabilities, expanding quality assurance from the surface of a component to its interior geometry.

Hexagon has identified a clear pathway to improve Waygate’s margins toward its MI Business Area averages, particularly within the Radiography division, through manufacturing localisation — leveraging Hexagon’s existing China infrastructure to produce CT systems closer to market — and revenue synergies from cross-selling CT solutions alongside its global coordinate measuring machine (CMM) installed base. The Radiography and RVI segments have been classified as Profitability and Growth assets respectively, while the Ultrasonic Testing and Imaging Solutions businesses carry Stability mandates, with Hexagon intending to explore all strategic options for these units.

The acquisition also provides Hexagon with a market-leading platform in the high-value aerospace maintenance, repair and overhaul (MRO) sector through Waygate’s RVI business, diversifying its revenue exposure into recurring asset integrity testing markets. Integration plans include leveraging Hexagon’s AI-driven analytics and digital twin platforms to augment NDT data interpretation and inspection workflows, aimed at improving predictive maintenance and asset integrity management for customers.

The transaction is expected to close in the second half of 2026, subject to customary regulatory approvals and closing conditions. Hexagon intends to finance the acquisition with cash and existing debt capacity. The deal strengthens Hexagon’s market presence across North America, Europe, and Asia-Pacific, and establishes it as a well-resourced participant in the broader NDT market, with the scale and technology depth to pursue further bolt-on acquisitions across adjacent inspection modalities.