7th Feb 2011 07:00
7 February 2011
COBHAM COMPLETES PURCHASE OF US CORP TEN INTERNATIONAL FOR UP TO US$24 MILLION
Cobham plc ('Cobham') today announced that it has acquired the share capital of the US surveillance technology company Corp Ten International Inc. ('Corp Ten') for US$11.5 million on a debt and cash free basis. An additional cash consideration is payable of up to US$12.5 million between 2012 and 2014, contingent on future performance.
Corp Ten designs and develops software which permits multiple tracking and surveillance devices to be managed within a single system. This allows real-time sharing of data and other communication between users through satellite, cellular and radio frequency providers. Corp Ten's products are complementary to Cobham's existing range of audio and video surveillance products, presenting good opportunities to increase revenue by offering a wider range of equipment to an expanded customer base.
Corp Ten employs 14 people and is based in Baltimore, Maryland, USA. It will become part of the surveillance business, within Cobham's Avionics and Surveillance Division.
Andy Stevens, Cobham Chief Executive Officer said:
"The acquisition of Corp Ten will supplement our differentiated capabilities in the important and growing market for surveillance equipment. Together with the recent acquisitions of RVision Inc. and Telerob GmbH, it further enhances our ability to supply complete solutions to defence, security and commercial customers around the world."
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ENQUIRIES
Cobham | |
Andy Stevens, Chief Executive | +44 (0)1202 882020 |
Warren Tucker, Chief Financial Officer | +44 (0)1202 882020 |
Julian Wais, Director of Investor Relations | +44 (0)1202 857998 |
Brunswick | |
Nick Claydon/Michael Harrison | +44 (0)20 7404 5959 |
About Cobham
Cobham's products and services have been at the heart of sophisticated military and civil systems for more than 75 years, keeping people safe, improving communications, and enhancing the capability of land, sea, air and space platforms. The Company has four divisions employing more than 11,000 people on five continents, with customers and partners in over 100 countries and annual revenue of some £1.9bn / US$3 billion.
About Cobham Surveillance
Cobham Surveillance, part of Cobham's Avionics and Surveillance Division, has provided specialist products and services to law enforcement, national security and search and rescue agencies for more than 40 years. Surveillance capabilities include innovative audio, video, tracking, locating and sensors in airborne, marine, land and special purpose applications. Cobham's unique capability to transmit and receive information in difficult electronic environments has proven critical for "first responders" such as fire, police and ambulance services.
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