mic AG concludes term sheet for the acquisition of faytech AG
12 years ago, faytech was founded by Arne Weber and Fan Yang in China. It started with a handful of people and an empty factory, from there the company continuously grew on average 35% per year into a global organization and touchscreen expert. From thereon the company grew further, eventually breaking even in 2016, and allowing employees and advisors to become shareholders. By today faytech has 39 proud shareholders, and we can proudly say that together we built up an economic system that works and provides added value to our employees, customers, suppliers and partners.
Now, we are excited to announce that this incredible chapter may come to a close. on the 30th of July, mic AG concluded the term sheet to acquire faytech AG, and we are looking forward to starting a new chapter together. This term sheet is a pre-agreement, which is expected to be signed with binding effect the latest on October 1st, 2021.
What does this mean for faytech
This idea for integration started back in December 2019 already. From thereon the idea grew further and in 2021 we started actively developing towards this potential integration. We truly believe that faytech and Pyramid, which was acquired by mic AG back in May, are much stronger together than separated, and that combined we have more synergy effects.
With this integration we increase further potential global reach, a higher efficiency of product innovations and together have all the chances to speed up the growth of the combined companies. We can proudly state that we step into this agreement as a whole and are looking forward to working and growing together.
We are also glad to announce the entire faytech management will stay on board through this potential integration, and at the same time, all the faytech shareholders will become mic AG shareholders.
What does this mean for customers and partners
In short, this would not affect our customers or partners in any way in the short-term. Business will continue as usual as we keep working on providing the best touch solutions in the market for you, our customer and partners.
Additionally, we move further with implementing our current strategy and plan regarding the overall company direction, including new releases, events and expansions. Of course, in the end, this integration will also fully benefit our customers and partners, as faytech becomes even stronger and with far more chances to speed up growth of the combined companies under mic AG.