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2016-08-31

Tecan Group AG: Tecan to acquire SPEware Corporation, a leading provider for mass spectrometry sample preparation solutions

Tecan Group AG / Tecan to acquire SPEware Corporation, a leading provider for
mass spectrometrysample preparation solutions . Processed and transmitted by
Nasdaq Corporate Solutions.The issuer is solely responsible for the content
of this announcement.
* Acquisition of US-based SPEware Corporation further expands Tecan's
dedicated solutions offering into new market segment
* SPEware to become part of Tecan's Life Sciences Business, leveraging
Tecan's global presence and strong position in mass spectrometry sample
preparation automation platforms
* Over 70% of SPEware 's revenues are generated from smart consumables, thus
increasing Tecan's overall recurring revenues
* Base consideration of USD 50.0 million (CHF 49.0 million)
* Valuation representing approximately three times expected fiscal year 2016
sales of SPEware ; SPEware 's EBITDA margin exceeds Tecan's
* Transaction anticipated to be immediately accretive to earnings per share
before transaction-related amortization
* Closing of the transaction expected within the coming weeks

Männedorf, Switzerland, August 31, 2016
- The Tecan Group (SIX Swiss Exchange: TECN) announced today the acquisition
of US-based SPEware Corporation (SPEware) to further expand Tecan's dedicated
solutions offering into a new market segment. SPEware is a leading provider
for mass spectrometry sample preparation solutions, with a focus on the North
American market. SPEware will become a part of Tecan's Life Sciences
Business, leveraging Tecan's global presence, customer base and strong
position serving the market with automation platforms optimized for sample
preparation for mass spectrometry analysis. With over 70% of revenues
generated with smart consumables, the acquisition of SPEware will further
expand Tecan's overall recurring revenues.

The base purchase consideration of USD 50.0 million (CHF 49.0 million) will be
fully paid in cash and represents a valuation of approximately three times
fiscal year 2016 sales of SPEware, while SPEware's EBITDA margin is exceeding
Tecan's level. An additional earn-out consideration of up to USD 10.0 million
(CHF 9.8 million) will be payable subject to the achievement of certain
performance-related targets over the next two years. The transaction is
expected to be immediately accretive to earnings per share (EPS) before
transaction-related amortization. The closing of the transaction is
anticipated within the coming weeks. Hence, Tecan does not expect a
significant impact of the acquisition on its 2016 financial results.

Tecan CEO Dr. David Martyr commented: "The entire SPEware team has done a
great job of developing and commercializing their proprietary solid phase
extraction technology. With SPEware's current focus on North America, we are
excited about the opportunity to leverage Tecan's global sales and service
infrastructure to build on that momentum and further accelerate growth. This
transaction follows very much the rationale of our acquisition of IBL
International in 2014, which supported our evolution into a solutions
business for dedicated applications. With SPEware's consumable and dedicated
instrument offering, we can now expand our solution offering into the sample
preparation for mass spectrometry market, complementing the market for
specialty immunoassays served by IBL International. We very much look forward
to welcoming the SPEware team into Tecan."

Phil Dimson, CEO and founder of SPEware, said: "We couldn't be more excited to
join with the Tecan Group as this combination adds significant synergistic
value for our customers and employees. Tecan's global market presence as a
leader in laboratory automation platforms, including in our core market, is
the perfect complement to SPEware's smart consumables and devices for mass
spectrometry sample preparation solutions."

A leading provider for mass spectrometry sample preparation solutions

SPEware provides advanced sample preparation solutions to analytical
laboratories, by combining smart chemistry consumables with dedicated
instruments and modules to make liquid chromatography-mass spectrometry
(LC-MS) workflows more efficient. The overall market for these extraction
technologies expands with a mid single-digit percentage rate per year.
SPEware has clearly outgrown the market in recent years, due to its
differentiated product offering and to the underlying market trend of
adoption of automated solid phase extraction as the preferred sample
preparation technique for high complexity tests.

SPEware's clients are mostly large reference labs and specialized laboratories
in North America that predominantly use SPEware's solutions for toxicology
testing and other analyses of complex sample matrices such as urine or
saliva. Separation of targeted analytes from complex matrix components prior
to injection onto the LC-MS offers numerous advantages including improved
assay robustness and less instrument maintenance. SPEware's proprietary
micro-particulate sorbent consumables for solid phase extraction offer
important advantages, including higher selectivity, reproducible separations
and overall data improvement. Workflows are also more automation friendly
which offers the additional potential of integrating SPEware's automated
positive pressure processors into Tecan's liquid handling workstations.

Established almost 20 years ago, SPEware is based in Baldwin Park, California
(USA), and has over 60 employees. The company operations are vertically
integrated with product development, columns packing, molding operation and
the manufacturing of dedicated hardware devices.

Additional information can be found on the SPEware webpage:
www.spewarecorporation.com

Achelous Partners, LLC, served as financial advisor to SPEware on the
transaction.

About Tecan

Tecan (www.tecan.com) is a leading global provider of laboratory instruments
and solutions in biopharmaceuticals, forensics and clinical diagnostics. The
company specializes in the development, production and distribution of
automated workflow solutions for laboratories in the life sciences sector.
Its clients include pharmaceutical and biotechnology companies, university
research departments, and forensic and diagnostic laboratories. As an
original equipment manufacturer (OEM), Tecan is also a leader in developing
and manufacturing OEM instruments and components that are then distributed by
partner companies. Founded in Switzerland in 1980, the company has
manufacturing, research and development sites in both Europe and North
America and maintains a sales and service network in 52 countries. In 2015,
Tecan generated sales of CHF 440 million (USD 459 million; EUR 411 million).
Registered shares of Tecan Group are traded on the SIX Swiss Exchange (TECN;
ISIN CH0012100191).

For further information:

Tecan Group

Martin Braendle
Vice President, Communications&Investor Relations
Tel. +41 (0) 44 922 84 30
Fax +41 (0) 44 922 88 89
investor@tecan.com
www.tecan.com

Press Release
http://hugin.info/100384/R/2038435/759695.pdf

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This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Tecan Group AG via Globenewswire

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