FARO Technologies history

FARO was founded in 1982 by Simon Raab and Greg Fraser who met while completing their PhD work at Mc Gill University in Montreal, Canada.

In 1983 the company assumed the FARO Technologies Inc. name, with Raab serving as chief executive officer.

FARO’s first product was introduced in 1984, an articulated-arm device used to measure laxity in the knee.

In 1986 the company introduced Metrecom, a skeletal analysis system that detected abnormalities in the spine that caused neck and back problems.

The company moved from Montreal to Lake Mary, Florida in 1990 and shortly after that the Company was asked to develop a larger, more robust version of its technology for use as a portable quality control tool for manufacturers.

Raab and Fraser decided to fill this gap, and in 1992 FARO focused on the manufacturing and industrial markets, the same year that the company was reincorporated in Florida.

Revenues increased to $9.9 million in 1995, with international sales contributing $2.1 million, and the company posted earnings of $1.6 million.

A year later FARO opened sales offices in France and Germany, followed by a United Kingdom office in 1997.

While FARO improved sales to $27.5 million in 1998, net income slipped to $500,000, primarily due to the CATS acquisition.

FARO essentially broke even in 2000, netting almost $40,000 on revenues of $40.5 million.

Early in 2002, FARO diversified its product lineup through the acquisition of Kennett Square, Pennsylvania-based SpatialMetrix Corporation (SMX), a manufacturer of laser trackers and metrology software, and a provider of inspection services.

On the other end of the spectrum, FARO unveiled the first fully integrated 3-D Laser ScanArm in 2003, combining the capabilities of the Arm’s hand probe with a laser scanner.

Business continued to improve in 2004, when sales jumped to more than $97 million and net income approached $15 million.