United Kingdom-based Cobham plc said it has reached agreement to acquire the share capital of the U.S. privately-owned RVision Inc. for $28 million payable in cash on completion. Additional cash consideration of up to $20 million is payable between 2012 and 2014, contingent on future performance.
Cobham continues to expand its reach in the United States after such recent acquisitions as SPARTA Inc. and ADG Microwave Systems unit in 2008, and Argotek Inc. in 2009 (Defense Daily, Jan. 17, Aug. 22, 2008, April 7, 2009).
RVision designs, manufactures and integrates technically advanced electro-optical and infrared imaging systems, including ruggedised pan/tilt/zoom cameras, hardened processors and tactical video hardware, the company said in a Dec. 6 statement. These can be used to protect critical infrastructure in a range of markets including military, border security, law enforcement, nuclear and chemical plants, ports and harbors and various transport applications.
The company is an excellent technological fit with Cobham’s existing Surveillance businesses, offering complementary products and capabilities with opportunities for synergistic growth, Cobham said in a statement.
The acquisition of RVision is expected to complete around the end of 2010.
RVision, which has 40 employees in San Jose and San Diego, Calif., will become part of Cobham’s Surveillance Strategic Business Unit, within the Avionics and Surveillance Division.
Cobham Chief Executive Officer Andy Stevens said: “We are very pleased that RVision is joining Cobham, as its distinctive electro-optical and infrared technologies will enable us to further develop our scaleable, modular and easily deployable integrated solutions, enhancing our position as a key technology solution provider in Surveillance markets.”