US Nasdaq listed firm Transact has acquired Irish lifesciences firm Nexa in a deal worth almost €30m.

Nexa, formerly called Cal OpEx, was founded in 2015 in Carlow by professionals in the life sciences industry. It is currently headquartered in Fermoy, Co Cork employing 65 people with annual revenues of more than €6m.

In a statement, the two companies confirmed that Nexa President and CEO John Cummins would continue to lead the business.

Nexa provides calibration and other technical services to pharmaceutical, biotechnology, and medical device companies worldwide.

“We are joining Transcat at an exciting time in our company’s young history as we have experienced rapid growth over the last several years,” Mr Cummins said.

“We believe our growth-oriented employee mindset will fit well with Transcat’s established culture and the combination of the two companies will further accelerate our growth trajectory.”

Transcat CEO Lee Rudow said Nexa’s unique approach to managing cost, efficiency and reliability will be scalable and transferrable into other highly regulated industries such as aerospace and defence.

“Additionally, NEXA’s history of success and employee footprint in Ireland expands our geographic reach and will provide potential future opportunities for both calibration services and asset and reliability management growth.”

The purchase price of $22.5m (€19m) consisted of $20.25m (€17.09m) in cash and $2.25m (€1.9m) in Transcat common stock. Additionally, there are potential earn-out payments of up to $7.5m (€6.33m) over the next four years based upon Nexa achieving certain annual revenue and earning goals.