Kent-based inspection company Qi2 Elements is being acquired by Baker Hughes (Nasdaq: BKR), a publicly traded energy services company headquartered in Houston.
The companies didn't disclose the financial terms of the deal, which is expected to close in the first quarter of this year. According to Giovanni Nino, Qi2's vice president of systems engineering and development, the company has 70 employees, all of whom will be joining Baker Hughes and don't have to relocate.
"A happy employee is a happy engineer," Nino said. "Technology is not on the patents. It's not on the drawings. Technology is not on the software lines. Technology is on the people."
Nino said a little less than half of Qi2's employees are based in Kent. The company also has an office in Traverse City, Michigan, and it has employees who work in the field, according to Nino.
Qi2 uses technology to inspect fuel tanks and gas pipelines, looking for cracks and leaks. Nino said the company used to have people go inside the tanks to inspect them with devices but now uses robots that are remotely operated from outside.
Baker Hughes, meanwhile, offers gas turbines, hydrogen technologies and oil field services, among others. Baker Hughes also offers pipeline inspection, which the company said in a release will be enhanced with the acquisition of Qi2. The company generated $5.5 billion in revenue in the fourth quarter of 2021, which was flat year over year.
“As we continue to partner with operators to drive enhanced environmental and public safety, the acquisition of Qi2 Elements significantly expands our asset inspection offering,” Michael Bellamy, vice president of process and pipeline services at Baker Hughes, said in a news release. “As an energy technology company, Baker Hughes delivers a broad range of inspection services for critical infrastructure, and Qi2 Elements is another example of how we continue to invest for growth in this space.”
According to Nino, Qi2 will eventually need more space in Kent, which could be a challenge with Amazon in the area. The tech giant has three fulfillment centers in Kent, according to FBAHelp.
"They are taking all the space. We are feeling a little bit confined," Nino said.
