23rd Apr 2007 11:19
QinetiQ Group plc23 April 2007 QinetiQ Group plcMonday 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) andAutomatika Inc. (Automatika), both providers of robotics technologies, for upto $9.2m each. The transactions will close upon receipt of appropriate USgovernment regulatory approvals. The acquisition of each company will be settled for an initial cashconsideration of $6.0m, with an additional deferred consideration of up to $3.2mtwo years after closing. API is a privately-held US company, 100% owned by its founder and employing theequivalent of 15 full-time staff. It develops software and control systems forthe autonomous navigation of a broad range of unmanned vehicles, and its principal customers are the US Department of Defense (DoD) and Departmentof Transport. Automatika is a privately-held US company, 100% owned by its two founders andemploying the equivalent of 12.5 full-time staff. It develops roboticstechnologies and products for the US government and the oil and gas markets. (Ends) This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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