QinetiQ Group plc
23 April 2007
QinetiQ Group plc
Monday 23 April 2007
Acquisition of Applied Perception and Automatika
QinetiQ Group plc announces today that its US subsidiary Foster-Miller Inc.
has agreed to purchase all the shares of Applied Perception Inc. (API) and
Automatika Inc. (Automatika), both providers of robotics technologies, for up
to $9.2m each. The transactions will close upon receipt of appropriate US
government regulatory approvals.
The acquisition of each company will be settled for an initial cash
consideration of $6.0m, with an additional deferred consideration of up to $3.2m
two years after closing.
API is a privately-held US company, 100% owned by its founder and employing the
equivalent of 15 full-time staff. It develops software and control systems for
the autonomous navigation of a broad range of unmanned vehicles, and its
principal customers are the US Department of Defense (DoD) and Department
of Transport.
Automatika is a privately-held US company, 100% owned by its two founders and
employing the equivalent of 12.5 full-time staff. It develops robotics
technologies and products for the US government and the oil and gas markets.
(Ends)
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