Wednesday, September 9, 2015

Flex Acquires NEXTracker For $330M

San Jose-based contract manufacturing provider Flex--better known under its prior name, Flextronics--said Tuesday that it has acquired NEXTracker>, a provider of solar tracking hardware. The deal is worth approximately $330M, and is split between $245M upfront in cash, plus up to $85M in potential earnout based on performance. Flex said the deal will help to bolster its Flex Energy business, and contributed between $80M and $120M in revenue for the December quarter. NEXTracker developer single-axis, photovoltaic (PV) trackers which are used to increase the output of photovoltaic cells in utility scale solar projects. NEXTracker was venture backed by DBL Investors, Sigma Partners, SJF Ventures, and Tennenbaum Capital Partners and had raised around $32M in funding.