In a significant development within the North American technology sector, American welding equipment manufacturer ESAB Corp. has announced its acquisition of Eddyfi Technologies Inc., a leading player in non-destructive testing (NDT) instrumentation based in Quebec City, for an estimated $2 billion in cash. This acquisition marks a notable consolidation in the NDT industry, which plays a crucial role in monitoring critical infrastructure across various sectors, including energy, transportation, and aerospace.
Eddyfi Technologies: A Leader in Non-Destructive Testing
Eddyfi Technologies, established in 2010 by mechanical engineer Martin Thériault, has grown into a significant entity in the NDT sector, employing over 1,000 individuals across more than a dozen countries. The company focuses on innovative software and hardware solutions that ensure the integrity of essential infrastructure, including pipelines, power plants, railways, and aerospace components.
Backed by the Caisse de dépôt et placement du Québec and private equity firm Novacap LP, Eddyfi has pursued a strategy of growth through acquisition. Since 2016, the company has expanded its portfolio by acquiring 15 additional businesses, the most notable being its $350 million purchase of Seattle-based Zetec in 2022. Thériault has expressed a desire for Eddyfi to remain in Canadian hands, lamenting the missed opportunity to go public in 2022 amid a surge in technology IPOs.
The Acquisition’s Strategic Significance
Thériault revealed that while he had hoped to maintain Canadian ownership, the financial realities of the market made ESAB’s offer too attractive to refuse. “At $2 billion, there aren’t many potential buyers in Canada,” he noted. The sale is set to close in mid-2026, with ESAB committing to retaining Eddyfi’s workforce and headquarters in Quebec City, a point Thériault highlighted as essential for the support of the Caisse.
Eddyfi had previously rebranded itself as Previan in mid-2022, but was later split back into two distinct entities, Eddyfi and NDT Global, in June 2025. This restructuring was part of a broader strategy to solidify its market position. NDT Global, which focuses on pipeline monitoring and subsea robotics, is projected to generate $375 million in revenue this year, while Eddyfi anticipates approximately $270 million.
Future Prospects for Eddyfi and NDT Global
Post-acquisition, Thériault will step back from Eddyfi but plans to continue leading NDT Global as chair and CEO. He voiced optimism regarding the future of both entities, particularly with the anticipated growth of Eddyfi under ESAB’s ownership. “Quebec is truly the global hub for NDT,” he remarked, underscoring the region’s potential for expansion within this critical industry.
The acquisition not only reflects ESAB’s strategy to enhance its offerings in the NDT domain but also signals a shift in the landscape of Canadian technology companies as they navigate the complexities of global ownership and investment.
Why it Matters
This acquisition underscores the increasing trend of consolidation within the NDT industry and highlights the competitive pressures facing Canadian technology firms. By securing a leading player like Eddyfi, ESAB positions itself to harness advancements in infrastructure monitoring, which are critical in today’s rapidly evolving technological landscape. The commitment to maintain operations in Quebec City is a positive sign for the local economy, promising job security and potential growth in a sector that is becoming increasingly vital as global infrastructure demands intensify.
