Cognex Corporation (Cognex) is a provider of machine vision products, which capture and analyze visual information in order to automate tasks, in manufacturing processes, where vision is required. Machine vision is for applications, in which human vision is inadequate to meet requirements for size, accuracy and speed. Cognex has two operating divisions: the Modular Vision Systems Division (MVSD), and the Surface Inspection Systems Division (SISD). MVSD develops, manufactures, and markets modular vision systems, which are used to automate the manufacture of discrete items. SISD develops, manufactures, and markets surface inspection vision systems, which are used to inspect the surfaces of materials processed in a continuous fashion, such as metal, paper, nonwoven, plastic, and glass, to ensure there are no flaws or defects on the surfaces. During the year ended December 31, 2011, MVSD represented approximately 85% of total revenue.