Sponsored by SPX Communication Technologies (TCI & ECS)
www.tcibr.com
www.enterprisecontrol.co.uk
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10 Apr 25. EUROPEAN DYNAMICS (“ED” or “the Company”), a global, market leading provider of eGovernment software and digital transformation services to Governments and International Institutions, announced today a minority investment led by CAPZA (investing through its flagship Flex Equity Mid-Market 2 fund) and joined by Abry Partners (“Abry”, investing through its Senior Equity Fund, ASE VI, LP) (together “the Investors”). The Investors will support ED’s growth strategy together with its founder and Chief Executive Officer, Constantinos Velentzas, who retains a significant majority of the Company’s share capital. This investment marks the Company’s first partnership with financial investors since its inception. CAPZA1, who will be the lead investor in the transaction, is an established private investment platform across private debt and private equity in Europe with more than €9.1bn of assets under management (AuM)2. CAPZA is part of AXA Investment Managers Alts (“AXA IM Alts”), a global leader in alternative investments with over €186 billion of AuM.3 Through its Flex Equity Mid-Market 2 fund, CAPZA invests tickets of up to €150 million in European and global leaders with strong growth potential. Abry is a leading sector-focused North American private equity firm which invests across the capital structure managing $17bn of assets across several investment strategies. Founded in 1994, the Company has become a leading eGovernment and digital transformation partner for the public sector, recognised for its deep expertise and ability to leverage technology and data to drive innovation. ED has also developed and commercialises a suite of market leading software products specifically tailored to core eGovernment activities (notably in the fields of customs, taxation, procurement, financial markets and IP management). With a staff of c. 1,200 across 7 main international operating subsidiaries, the Company works with c. 100 clients globally including Federal Governments, European Institutions & International Organisations in more than 30 countries and 4 continents. ED has established a multidisciplinary Technology Centre in Greece, and prepares its expansion in France, the Nordics, DACH and the USA. In this context ED is intensifying its recruitment plan, aiming at hiring 800 technology experts over the next few years (more than 50% of these new posts will be based in Greece). In addition, the Company negotiates partnerships with universities and academic centers in Europe and in the USA. The Company has experienced significant organic growth, notably driven by the growing needs of institutions and government bodies’ IT solutions to enhance operational efficiency and ensure compliance with regulatory constraints. The partnership with the Investors will accelerate ED’s expansion within and outside Europe, while it will also support through the necessary investment, innovative product development and strategic M&A. Completion of the transaction is expected by summer 2025 and is subject to customary closing conditions and approvals.
Constantinos Velentzas, Founder and Chief Executive Officer, EUROPEAN DYNAMICS, said: “We are thrilled that CAPZA and Abry are investing in ED as minority partners, which proves the embedded value of our Company. This partnership reflects a shared conviction in our strategic model as well as the common ambition of a leadership position in the critical and ever-evolving landscape of the eGovernment sector. Today’s announcement is also a testament to the hard work of everyone at ED, our three decades of organic growth and the opportunity that lies ahead. With the Investors, we can grow our organic offerings, accelerate our international expansion plans and further develop our ability to innovate, bringing our services and products to more clients around the world.”
Jess Wizman, Partner Flex Equity Mid-Market at CAPZA, said: “We are proud to partner with EUROPEAN DYNAMICS, a market leader in digital transformation for Governments, European and International Institutions. CAPZA has a strong track-record in supporting high-growth software and IT services companies, and we were particularly impressed by ED’s deep domain expertise, mission-critical solutions, and international reach. We are excited to support Constantinos Velentzas and the management team in ED’s next growth chapter, notably in key markets like France and in strategic sectors including Defense.”
Tyler Wick, Co-Head of Abry Senior Equity Fund at Abry Partners, said: “Constantinos and the ED management team have built a world-class software and digital transformation platform dedicated to providing complex and mission critical solutions to the public sector. We have extensive experience partnering with government technology companies in North America and Europe and we believe that EUROPEAN DYNAMICS is well positioned to expand its global leadership position. Abry is thrilled to partner with the Company and support the management team in this next phase of growth, including expansion into North America and into rapidly growing categories such as artificial intelligence.”
Deal Participants
Company
Financial Advisor: Houlihan Lokey
Lawyers: Ashurst LLP and Lambadarios Law Firm
Vendor Due Diligence (Financial, Tax, and Commercial): PwC
CAPZA
Deal team: Jess Wizman, Antoine Forgeard, Roxane des Jamonières, Mathieu Moreau
Lawyers: Paul Hastings
M&A: Bryan Garnier & Co
Due Diligence
o Strategic: PMP
o Financial: Alvarez & Marsal
o Legal, Tax and Social: Grant Thornton
o Tech, ESG: Eleven
Abry Partners
Deal team: Tyler Wick, Rashard Green, Zaid Khanbozai, Ryan McCarthy
Lawyers: Kirkland & Ellis LLP
M&A: William Blair
Due Diligence
o Strategic: Loenberg Consulting
o Financial: Alvarez & Marsal
o Tax: Ernst & Young
About CAPZA
Created in 2004, CAPZA is an established European private investment platform.
With more than €9.1bn of assets, CAPZA puts its experience and passion for investing at the service of investors worldwide with its platform of 6 complementary investment strategies: Flex Equity, Flex Equity Mid-Market, Growth Tech, Transition4, Private Debt, and Artemid5.
CAPZA offers financing solutions to companies at every stage of their development. Its unique platform allows CAPZA to support companies over the long term by providing them with custom-made financing solutions (majority equity, minority equity, subordinated debt, senior debt, etc.). CAPZA is a generalist but has built up strong expertise in supporting companies in the health, technology and services sectors.
CAPZA Group has more than 115 employees based in Paris, Munich, Madrid, Milan and Amsterdam, and is part of AXA IM Alts, one of the global leaders in alternative investments with €186 billion in assets under management.
More information about CAPZA: https://capza.co
About Abry Partners
Abry Partners is one of the most experienced and successful sector-focused private equity investment firms in North America. Since its founding in 1989, the firm has completed over $90 billion of leveraged transactions and other private equity or preferred equity placements. Currently, the firm manages $17bn of assets across several fund strategies.
More information about Abry Partners: www.abry.com
(Source: BUSINESS WIRE)
10 Apr 25. NUBURU, Inc. (NYSE American: BURU), a leader in high-power blue laser technology, today announced the unwinding of its previously announced $2m Share Exchange Agreement and partnership with HUMBL, Inc. (OTC: HMBL), effective immediately. After a thorough strategic review, NUBURU’s management has determined that continuing the partnership no longer aligns with its core business objectives. Initially announced on February 28, 2025, the partnership aimed to leverage NUBURU’s innovative laser technologies and HUMBL’s distribution capabilities in Brazil with aspirations for broader market expansion in Latin America. However, NUBURU is now refocusing its strategic efforts solely on consolidating its position in the defense and security sectors, where it is experiencing significant growth and development. Alessandro Zamboni, Executive Chairman of NUBURU, stated, “While our initial collaboration with HUMBL presented promising opportunities, it has become clear that pursuing our strategic transformation within the defense and technology sectors requires our full attention and resources. We believe that unwinding this agreement is in the best interest of our shareholders and aligns with our vision to innovate and expand our capabilities in high-demand areas.” NUBURU remains committed to its strategic plan, which includes a Joint-Pursuit Agreement (JPA) with a defense-tech company to develop cutting-edge solutions utilizing directed energy weapons and advanced surveillance systems. As the company progresses with its acquisitions and product development, it is dedicated to enhancing its technological offerings and delivering shareholder value. (Source: BUSINESS WIRE)
10 Apr 25. IFS, a leading provider of cloud enterprise software and Industrial AI applications, announces it has achieved a valuation of over EUR 15bn following a significant pivot to AI-driven growth. The valuation comes as Hg increases its stake to become a co-control shareholder alongside EQT, with TA Associates (“TA”) remaining as minority shareholder. New minority shareholders also include a wholly-owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”) and the Canada Pension Plan Investment Board (“CPP Investments”). Hg and the new investors are acquiring shares in IFS from EQT, which is selling through its EQT VIII and EQT IX funds, as well as from TA and other minority investors. The transaction follows many successful years of growth for IFS, delivering more than EUR 1 bn in ARR (“annual recurring revenue”) last year. Total revenue for 2024 was over EUR 1.2 bn, with some of the world’s largest industrial companies choosing IFS over legacy vendors. Demand for IFS Industrial AI capabilities has increased significantly over the past 12 months as organisations across the IFS focus industries of Aerospace & Defence, Engineering & Construction, Energy & Utilities, Manufacturing, Telco, and Service, continue to realise the rapid and transformative value that IFS.ai delivers. IFS will continue to expand its capabilities with the industrial application of generative and agentic AI, so that customers can automate workflows, improve efficiency, and deliver amazing moments of service to their own customers.
Over the past year, IFS added 350 new customers including Exelon who adopted IFS to streamline asset maintenance across its energy grid, Rolls-Royce who is using IFS to transform service delivery of its Power Systems business, and TotalEnergies who is deploying IFS as the single platform for management and servicing of its global operated asset portfolio. Moreover, an increasing number of large businesses are moving to IFS which is reflected in the average deal size of largest IFS customers increasing by 64% year-on-year.
Mark Moffat, CEO of IFS, said: “IFS’s success and sustained growth is centred around a commitment and track record of rapidly delivering business value to our customers. We have a differentiated proposition that continues to drive momentum in the industrial setting, specifically with the agentic and generative capabilities of IFS.ai, which enables us to be the technology of choice for the businesses that service, power and protect our planet.” Moffat continued: “The investment and continued commitment from Hg, EQT and TA will help IFS further accelerate our journey to be the undisputed category leader of Industrial Software.”
Johannes Reichel, Partner and Co-Head of Technology in the EQT Private Equity advisory team, added: “EQT’s relationship with IFS started in 2015 and it has been remarkable to see the company’s growth since then. Starting as a software vendor focused on Northern Europe, IFS has become a global provider of enterprise solutions while embracing the power of AI for the benefit of its industrial clients. It’s a prime example of EQT’s ability to “run with the winners”, where we partner with management teams over the long-term to scale regional players into global champions. We are excited to work alongside Hg to continue supporting IFS through this next phase.”
Nic Humphries, Senior Partner and Head of the Saturn funds at Hg, commented: “With 20 years’ experience investing in software, we recognise exceptional businesses when we see them. Our increased investment in IFS reflects our conviction in their long-term vision and strong execution, which enables their customers’ digital transformation.” Jonathan Wulkan, Partner at Hg, added: “Since our initial partnership in 2022 alongside EQT, Mark and the team have not only delivered impressive and consistent growth but have emerged as a global leader in Industrial AI—translating the promise of AI into practical solutions that drive efficiency and sustainability for essential industries, with significant potential for continued growth.”
Naveen Wadhera, Managing Director at TA, commented: “IFS’s exceptional leadership, strong execution, and transformative AI capabilities are redefining what’s possible in enterprise software. We remain confident in the company’s vision and are excited to be part of its continued journey.”
The transaction is subject to customary regulatory approvals and is expected to complete end of Q2 2025. IFS and selling shareholders were advised by Arma Partners and White & Case, EQT was also advised by Evercore, and Hg was advised by Morgan Stanley & Co. plc and Skadden.
10 Apr 25. BRINC Secures $75m, Forms Strategic Alliance with Motorola Solutions to Scale Production. BRINC, an American manufacturer of emergency response drones, has announced that it has raised $75 m in new funding. This capital will be used to accelerate the development and production of BRINC’s lifesaving drone technology. The financing was led by Index Ventures, marking their continued conviction in BRINC following their participation in the company’s prior two funding rounds. Motorola Solutions also joined as an investor to form a strategic alliance with BRINC. Additional backers included Mike Volpi and Figma’s CEO and founder, Dylan Field. This new funding will enable BRINC to scale production to meet increasing demand from public safety agencies, advance R&D for next-generation drone technology, and expand its workforce to support continued growth and innovation. The alliance between BRINC and Motorola Solutions ushers in a new era of automated emergency response, integrating BRINC drones and Motorola Solutions’ APX radios, VESTA 911 emergency call management software, Computer-Aided Dispatch systems, Real-Time Crime Center Software (CommandCentral Aware), and Automatic License Plate Recognition technology. Now, with these integrations, BRINC drones can deploy at the press of a button on a radio, respond to new sensor alerts, and provide real-time aerial intelligence directly into Motorola Solutions’ public safety solutions. With hundreds of police, fire, and emergency response agencies already relying on BRINC drones, this alliance will help accelerate tactical de-escalation, enhance situational awareness, and transform crisis response.
“Our investment in BRINC represents a deep belief in their transformative vision,” said Vlad Loktev, Partner at Index Ventures. “The company’s technology has redefined how public safety agencies handle critical incidents. We’re thrilled to continue supporting BRINC’s mission to protect human life with public safety technology.”
“BRINC is a leader in providing innovative, automated drone solutions for public safety agencies,”
said Raj Naik, senior vice president, Strategy & Ventures, Motorola Solutions.
“We are excited to invest in BRINC, an organization that shares our mission to help protect and save lives.”
“We will continue building world-class emergency response drones and scale our team to meet the growing demand for our life-saving technologies,” said Blake Resnick, Founder and CEO of BRINC. “We couldn’t be more excited for the future.” (Source: UAS VISION)
09 Apr 25. Fisica, Inc. (“Fisica”), a leading manufacturer of airborne and ground-based antennas and electromagnetic systems and simulators, announced today its acquisition of Space Vector Corporation (“Space Vector”), a trusted provider of high-reliability RF avionics and battery systems. Terms of the transaction were not disclosed. Founded in 1969 and based in Chatsworth, California, Space Vector has been a long-standing partner to the aerospace and defense industries, particularly in support of the national test range community. The company’s extensive experience in flight termination systems (FTS), and rechargeable batteries and mission-critical RF systems aligns with Fisica’s focus on delivering advanced, reliable technologies for defense and aerospace applications.
“I formed Fisica less than a year ago as a defense technology platform – through the acquisition of three businesses from L3Harris – to think expansively and opportunistically about growth in the broader defense space,” said Warren B. Kanders, Executive Chairman of Fisica. “The acquisition of Space Vector represents our first acquisition to augment already impressive organic growth. The addition of a niche business with a differentiated market position and compelling growth prospects is consistent with our M&A approach, which we expect to continue.”
“This acquisition marks a key step forward in Fisica’s long-term growth strategy,” said Mark Rayner, President of Fisica. “Space Vector’s specialized expertise complements our existing capabilities and expands our footprint in high-demand sectors such as FTS and platform/system batteries for aircraft/UAV, missiles/hypersonics, launch vehicles and satellites. Most importantly, both organizations share a commitment to quality, innovation and ensuring mission success.”
Chris Yamada, Chairman and CEO of Space Vector, remarked, “I am proud of what our team has accomplished at Space Vector leading up this transaction, and we are very excited about the next chapter in our development with Fisica as our partner. The augmented resources that come with being part of a larger but still entrepreneurial organization should accelerate Space Vector’s growth, and we see considerable opportunities for collaboration between our team and our new colleagues.” The acquisition enhances Fisica’s ability to serve customers across critical national defense and space domains. The Space Vector management team will continue in their leadership positions, while the selective integration of aspects of Space Vector’s operations is currently underway, with no anticipated disruption to customers or partners.
About Fisica
Fisica, Inc. is a leading defense products manufacturer that operates three business units: Randtron, Datron and ATI that serve as critical partners for flagship defense primes and the U.S. Department of Defense. The business units design and produce airborne electronic warfare and radar antennas, ground-based antennas, and electromagnetic systems and simulators. Headquartered in San Leandro, Calif., with additional operations in Simi Valley, Calif., the company has approximately 375 employees. Fisica delivers advanced defense technologies that support the evolving needs of the aerospace and defense sectors. More information can be found at www.fisica.com.
About Space Vector
Space Vector has supplied high-reliability hardware for over five decades to key stakeholders in aerospace and defense. The company specializes in batteries and mission-critical subsystems that support range safety and mission assurance. More information can be found at www.spacevector.com. (Source: PR Newswire)
09 Apr 25. Bascom Hunter announced the acquisition of Candent Technologies (Candent), a leading innovator in propulsion and power systems for the aerospace and defense (A&D) market. Based in Greenfield, Indiana, Candent has established itself as a trusted provider of small to medium-sized propulsion and power systems for both manned and unmanned platforms including USV, UUV, and UAV. Candent specializes in advanced turbomachinery, small heavy-fuel engines, quiet propulsors for marine vessels, electric-driven thrusters, electrical power generation, air compressors, 3D-printed heat exchangers, and energy recovery systems. These systems are designed to provide reliable, high-density power and propulsion solutions in compact packages. The company serves a diverse clientele across various sectors, including military, commercial, and government entities. Candent was founded in 2001 by Hernando Munevar, Emanuel Papandreas, and Javier Camba. This acquisition broadens Bascom Hunter’s portfolio by adding power systems to its product offerings. It also further strengthens its leading position in environmental control systems and components. Candent’s legacy of engineering excellence and technological innovation aligns with Bascom Hunter’s commitment to delivering best-in-class solutions to our customers. “Candent has a long history of designing and developing state-of-the-art power systems for challenging applications. The company has deep domain expertise and a strong focus on the customer mission,” said Bascom Hunter’s CEO, Andrew McCandless. Candent will be aligned under Bascom Hunter’s Xcelaero division, a leading provider of environmental control systems and components for the aerospace and defense market.
Mr. McCandless added, “Candent is a great company that shares Bascom Hunter’s commitment to technical excellence, quality, and customer satisfaction. I’m excited about the expertise that their employees will bring to Bascom Hunter for power systems.” Candent is the fifth company Bascom Hunter has acquired since 2019.
About Bascom Hunter:
Bascom Hunter is headquartered in Baton Rouge, LA and has two divisions, Xcelaero and BH Tech, that provide the A&D industry with sophisticated products. The company maintains a corporate commitment to quality, with our design and manufacturing operations certified to AS9100D and ISO 9001:2015.
For more information visit: https://bascomhunter.com or contact us through
About Bascom Hunter’s Xcelaero Division:
Xcelaero is a leader in providing environmental control systems (ECS) and components for harsh operating conditions within the A&D market. The business has a large catalog of components and systems and provides bespoke solutions. Xcelaero designs equipment to provide high performance while also being low weight, low noise, and highly reliable. In addition, our hardware is designed to the meet the challenging mil spec. requirements, certifications, and qualification for the A&D market. This includes MIL-STD 810, MIL-STD-461, DO-160, DO-178, design assurance level (DAL) A, DAL B, DAL C, and DAL D. Xcelaero has designed and qualified equipment for military vehicles and aircraft. Our ECS include thermal management system (TMS), vapor cycle systems (VCS) and liquid cooling systems (LCS). Our ECS components includes fans, compressors, valves, power electronics, power systems, control electronics and other critical components for ECS. (Source: PR Newswire)
08 Apr 25. Karman Space & Defense (“Karman”, “Karman Holdings, Inc.” or “the Company”) (NYSE: KRMN), a leader in the rapid design, development, and production of next-generation technologies to combat near-peer nation state threats, focused on critical, integrated systems for the hypersonic, missile defense, UAV and space sectors, today reported fiscal year 2024 financial results.
Full-Fiscal Year 2024 Highlights
- Produced record revenue of $345.3m in 2024, up 23.0% year over year
- Generated record net income of $12.7m in 2024, up 191.3% year over year
- Delivered record adjusted EBITDA of $106.1m in 2024, up 29.7% year over year
- Achieved record funded backlog of $579.8m at the end of 2024, up 35.2% year over year
2025 Highlights
- Successfully closed $581.9m initial public offering (“IPO”) in February 2025, raising approximately $173.2m of net primary proceeds (after underwriting discounts and commissions) via the sale of approximately 8.4m primary common shares at $22.00 per share
- Successfully closed $300m Term Loan B and $50m revolving credit facility to refinance existing debt, reducing interest rate and extending maturities by seven and five years, respectively
- Acquired MTI to strengthen our design and manufacturing capabilities, expand our customer and program reach and increase revenue and adjusted EBITDA
“After producing strong financial results in 2024, we successfully completed our IPO in February, marking the beginning of the next phase of Karman’s growth journey,” said Tony Koblinski, chief executive officer of Karman Space & Defense “We have now strengthened our balance sheet by refinancing our debt, and acquired MTI to expand our capabilities and offering. Our progress reflects the strength of our business model, the power of our diverse customer and program portfolio and the relentless efforts of all our team members to deliver value to our customers.
“Across numerous key metrics we achieved record performance in 2024 that positions us very well for growth in 2025 and beyond. Each of our end markets delivered double-digit topline growth and remains very well aligned with existing and emerging customer and national priorities in missiles, tactical defense systems, and space and launch systems.
“Our strong funded backlog provides us with more than 90% visibility to the midpoint of our 2025 revenue guidance range of $423 m to $433 m, giving us high confidence in achieving our goals, and the ability to focus on building our pipeline for beyond this year. Our manufacturing expertise, proprietary technologies and proven design engineering capabilities afford us the ability to respond to evolving technologies and requirements with the right, innovative and cost-effective solutions for our customers,” Koblinski added.
Full-Fiscal Year 2024 Financial Results
Increase in total revenue for the full year reflected organic growth across all end-markets.
Growth in Hypersonics and Strategic Missile Defense revenue for the full year was primarily driven by well-funded development and production programs, alongside increased government spending.
Space and Launch revenue increased for the full year as a result of new launch vehicle programs, including Blue Origin’s New Glenn and ULA’s Vulcan and the acquisition of Rapid Machine Solutions – Wolcott Design Services, LLC (RMS). These programs are expected to continue expanding as the commercial space launch market exceeds Federal Aviation Administration (FAA) projections.
Missile and Integrated Defense Systems revenue increased, primarily due to key programs entering or continuing production phases of our program lifecycles. This market’s growth continues to be supported by successful system deployments across global conflicts, U.S. military inventory replenishment and investment in next-generation programs, which continue to generate significant global demand.
The Company’s strong 2024 financial results were in line with preliminary 2024 results included in its IPO registration statement filed with the Securities and Exchange Commission, supported by fourth quarter performance.
Funded Backlog
As of December 31, 2024, total funded backlog was $579.8m, which represents the total invoiceable value of existing contracts, less amounts previously invoiced. Contract types include, but are not limited to, purchase orders, long term agreements and contractual authorization to proceed.
Business Outlook for the Full Year 2025
For the full fiscal year 2025, the Company expects total revenue of between $423m and $433m, and non-GAAP Adjusted EBITDA of between $132m and $137m. (Source: BUSINESS WIRE)
08 Apr 25. Airbus, Thales, Leonardo CEOs to discuss satellite merger with EU antitrust chief. European aerospace companies Airbus (AIR.PA), Thales (TCFP.PA) and Leonardo (LDOF.MI) which are in talks over a possible merger of their satellite businesses, will meet EU antitrust chief Teresa Ribera on Wednesday, according to a European Commission agenda. The three companies’ tentative plans to set up a joint space company come as they look to compete with Elon Musk’s Starlink. They are currently in preliminary discussions with EU antitrust officials, a step usually before a formal request for approval for merger deals. (Source: Reuters)
08 Apr 25. WisdomTree launches first leveraged European Defence ETP. WisdomTree has expanded its range of tactical ETPs with the first leveraged European Defence ETP. The WisdomTree STOXX Europe Aerospace & Defence 3x Daily Leveraged ETP (3EDF) listed this week on the London Stock Exchange, Börse Xetra and Borsa Italiana with a total expense ratio (TER) of 0.80%. The new Short & Leveraged (S&L) ETP provides 3x daily leveraged exposure to the STOXX Europe Total Market Aerospace & Defense Net Total Return Index. The launch comes as Europe is rapidly increasing its defence spending, which, in the face of geopolitical uncertainty, is forcing greater military self-reliance. European nations are moving to safeguard their future with plans to increase defence spending alongside a stronger, more coordinated approach to military procurement, industrial strategy, and strategic alliances.
Europe is scaling up its spending on Defence
Pure-play exposure to European defence companies
The launch of 3EDF complements and follows the launch of the WisdomTree Europe Defence UCITS ETF (WDEF) in March 2025. WDEF is designed to provide pure-play exposure to European companies involved in the defence industry, including manufacturers of civil defence equipment, parts or products, defence electronics and space defence equipment. With the WisdomTree STOXX Europe Aerospace & Defence 3x Daily Leveraged ETP and WisdomTree Europe Defence UCITS ETF, investors can now express their short- and long-term views for this theme.
Pierre Debru, Head of Research, Europe, WisdomTree, said: “Short-and-leveraged ETPs allow investors to express high conviction market views, which, when used correctly, can help increase short-term returns or hedge the overall portfolio. We have launched this exposure to offer investors a new efficient tool to trade European defence equities tactically.”
Whether by magnifying daily returns through positive or inverse leveraging, taking hedging positions or seeking to deploy more sophisticated strategies, the ability to trade S&L ETPs quickly and efficiently makes them a preferred trading tool for investors.
S&L ETPs amplify both the positive and negative returns of an investment, have a recommended holding period of one day and are designed for tactical and short-term trading. Investors must understand the product attributes and all the associated risks before investing in S&L ETPs.
Investors seeking education about the opportunities and the risks presented by short-and-leveraged ETPs can access a wide range of educational material around S&L ETPs on the dedicated section of the WisdomTree website.
Alexis Marinof, CEO, Europe, WisdomTree, added: “As geopolitical tensions increase worldwide and Europe grapples with the possibility of reduced support from the US, defence and security are more critical than ever. As the European leader in short and leveraged ETPs, we have a commitment to offer investors a broad range of differentiated exposures to help them navigate markets.” (Source: https://www.thearmchairtrader.com/)
08 Apr 25. FREQUENTIS increases revenues, order intake, and profitability.
- Continued double-digit growth
- Revenues +12.4% to EUR 480.3m
- EBIT +20.5% EUR 32.1m; EBIT margin 6.7%
- Proposal to increase the dividend again by 12.5% to EUR 0.27
Frequentis, the world’s leading provider of safety-critical applications for control centres, has once again posted double-digit growth in 2024. Order intake rose by 15.7% to EUR 583.8m, an increase of EUR 79.0 m. Demand remains high, as shown by order intake and the well-stocked pipeline of tenders and requests for proposals. Orders on hand exceeded EUR 700 m for the first time, resulting in strong capacity utilisation and a continuous expansion of our teams. At EUR 480.3m, revenues were close to the EUR 500m threshold. Despite higher personnel expenses, mainly due to inflation, EBIT was 20.5% higher at EUR 32.1m. The EBIT margin improved to 6.7% (2023: 6.2%).
“Our growth and improved profitability are based on our stable business model, the clear focus on innovation, and ongoing development of our flagship solutions for safety-critical control centres,” says Frequentis CEO Norbert Haslacher. “Such progress is only possible thanks to the teamwork of approximately 2,400 employees around the world – from Europe to Australia and Asia to North and South America. On behalf of the Executive Board, I would like to thank all of our employees for their tremendous commitment and our customers for their trust.”
Substantial orders were received, for example, from the Federal Aviation Authority in the USA (digitalisation of air/ground communications), the Spanish air navigation service provider (contingency communication system), and Norway (automated tower solution). In military air traffic control, an area that is benefiting from increased focus as a consequence of the altered geopolitical situation, Frequentis was awarded the contract to renew the German armed forces’ military radar data network.
Further major orders were acquired in the public safety domain, from Malaysia and the UK, where Frequentis is supplying the MissionX product as an ecosystem partner of IBM to build a new mobile communications network to support 300,000 emergency responders. The Public Transport business domain is to implement a new, nationwide communication system for the Swiss railways (SBB).
For a safer world: outlook and trends
Based on the security, mobility, and technology megatrends, in 2025 Frequentis expects to grow both revenues (by around 10%) and order intake compared with 2024. The aim is to achieve an EBIT margin of around 6.5% to 7.0%. Demands on safe and secure infrastructure are rising in the light of the growing need for mobility and increasing air traffic, as well as geopolitical tensions and extreme weather events. In the area of air traffic management, our focus is on automated tools for air traffic controllers and airport control via remote towers. Solutions that optimise takeoff and landing save kerosene and reduce CO2 emissions. In military air traffic control, Frequentis is driving forward innovations for automation, connectivity, and data fusion. Future areas of focus will be the remote digital tower and surveillance, in addition to established voice communication systems. In the area of public safety, the development of MCX (mission-critical solutions) is continuing, including cross-border networking of personnel via voice, video, and data communications.
Proposal to raise the dividend again, increase in equity
The profit for 2024 was EUR 23.5m and earnings per share were EUR 1.66. Frequentis proposes to pay a 12.5% higher dividend of EUR 0.27 this year. Equity rose to EUR 174.8m, the equity ratio was 44.3%, and the net cash position was EUR 81.8m. The current financial publications can be found at: www.frequentis.com/publications
About FREQUENTIS
Frequentis stands for a safer world. Our solutions are used in our customers’ command and control centres and help them make the world safer. Frequentis’ reliable communication and information systems are used around the world by civil and military air traffic control organisations (Air Traffic Management segment) and the police, emergency rescue services, fire brigades, railways, coastguards, and port authorities (Public Safety & Transport segment). The listed family business based in Vienna, Austria, drives innovative and sustainable solutions for safety and security in everyday life and communications in the safety-critical sector. Its air traffic optimisation solutions for air traffic control centres contribute to reducing emissions. With a market share of 30%, this high-tech company is the world market leader in voice communication systems for civil air traffic control. As a global player with more than 2,300 employees (full-time equivalents/FTE), Frequentis has a worldwide network of companies in over 50 countries. Its products, services, and solutions are used in around 150 countries. Shares in Frequentis are traded on the Vienna and Frankfurt stock exchanges; ISIN: ATFREQUENT09, WKN: A2PHG5. In 2023, revenues were EUR 427.5 m and EBIT was EUR 26.6 m. For more information, please visit www.frequentis.com
08 Apr 25. DA calls for urgent overhaul of Denel. Denel must undergo an urgent overhaul and leadership revamp to secure South Africa’s defence sector, the Democratic Alliance (DA) has urged. It says the company needs to adopt a sustainable funding model, with strong oversight to improve efficiency and restore confidence.
“Given Denel’s ongoing struggles, including the recent cutting of municipal services at its Lyttleton Campus, which impacts the headquarters of the South African Military Health Services and its formations, it is crucial to address the implications of the state-owned company’s decline on our defence sector and national security,” stated Chris Hattingh, DA Spokesperson on Defence & Military Veterans.
“Denel must urgently adopt a sustainable funding model that drives operational efficiency and restores stakeholder confidence. To achieve this, the Department of Defence and National Treasury must prioritise robust oversight of Denel’s turnaround strategy, ensuring effective implementation,” he urged.
A critical component of this recovery is a comprehensive review of Denel’s governance structure. The Democratic Alliance recommends the immediate reconstitution of the board, “bypassing the ANC cadre deployment system, and instead selecting board members based on merit, expertise, and proven experience in the highly competitive arms industry.”
This restructuring is essential for Denel to regain its stability and restore its standing as a leading entity in the defence sector, the DA believes.
Denel, which has already received more than R9bn in state bailouts, continues to grapple with severe financial and operational challenges.
Despite these significant financial injections aimed at facilitating a turnaround, the company has encountered insurmountable difficulties, including liquidity constraints, operational inefficiencies, and a shrinking market share, Hattingh pointed out.
“These issues not only hinder Denel’s sustainability but also now directly impact essential services, the latest victim is the South African Military Health Service (SAMHS) based at the Denel Lyttleton Campus,” Hattingh said in a statement dated 4 April.
He added that a concerning aspect of Denel’s governance is its failure to provide audited financial statements for the past five years. “This raises serious questions about the effectiveness of its leadership and whether the board can be considered delinquent in its duties.”
He said the decline of Denel has far-reaching consequences for the defence industry. Delays, defaulting on contracts and the subsequent cancellation of contracts threatens the operational readiness of our military personnel, putting both their welfare and national security at risk.
“Furthermore, the loss of skilled personnel due to retrenchments and job insecurity within Denel exacerbates the crisis. As Denel attempts to rebuild its capacity, prioritising the readiness of our armed forces must remain a top concern,” Hattingh said.
The DA said it will continue to pursue its aim that Denel should be revitalised in its operations to fulfil its obligation, not through bailouts but through strong principled dedicated leadership. “A well-functioning Denel is vital, not only for our arms industry but also for our national defence and the operational effectiveness of those who serve our nation.”
A sign of the issues facing Denel is its inability to deliver Badger infantry fighting vehicles to the SA Army as part of Project Hoefyster. When the contract was signed with Denel in 2006, the company was supposed to deliver 264 vehicles in multiple variants, but due to shrinking budgets, issues at Denel – particularly from state capture – and shifted target dates, this dropped to 88. Nearly R8 bn has been paid by Armscor for Badger vehicle development, but production vehicles have not yet been delivered.
Denel was the responsibility of the then Department of Public Enterprises until its dissolution post South Africa’s national and provincial elections in June last year. Effective 1 April 2025, Denel falls under the Ministry of Defence and Military Veterans.
According to the 2025 Estimates of National Expenditure (ENE) document published in March, Denel’s focus over the medium term will be on implementing its turnaround plan, which entails rolling out its new operating model, restructuring, and optimising its cost structure.
The plan has a funding requirement of R5.2bn, of which the company committed to raise R1.8bn by disposing of non-core assets. The remaining R3.4 bn was allocated to Denel through the Special Appropriation Act (2022). The cash injection was intended to implement the turnaround plan, settle legacy obligations and address the company’s liquidity requirements to support operations and execute its order pipeline.
“However, the company’s financial challenges remain, prompting an independent review to be conducted over the next three years. The review will, among other things, focus on the company’s strategy; operations; funding model; and balance sheet optimisation, including capital structure and assets,” the ENE stated.
Denel has been blocked by the Department of Defence from selling its stakes in Rheinmetall Denel Munition (RDM) and Hensoldt Optronics SA, which has stymied efforts to raise the R1.8 bn by selling off non-core assets. Nevertheless, the company is bullish as it pursues R36 bn in order opportunities. (Source: https://www.defenceweb.co.za/)
08 Apr 25. South Korea’s Hanwha Aerospace slashes capital increase plan to $1.6 bn. South Korea’s Hanwha Aerospace will cut the size of a planned fundraising by one-third to 2.3trn won ($1.6bn) to ensure the success of the financing, and after investor and regulatory pushback, it said on Tuesday. The country’s largest defence firm had previously announced in March an equity capital increase worth 3.6trn won to build up overseas and domestic production to meet growing international demand. However, the Financial Supervisory Service, South Korea’s financial regulator, ordered Hanwha Aerospace (012450.KS) to revise the plan, saying the company needed to better explain how the equity raising fit with a broader plan to restructure the company. (Source: Reuters)
07 Apr 25. UVision USA., a global pioneer in loitering munition systems, announced the acquisition of Trim Robotics, a cutting-edge developer of next-generation rotary-wing high maneuver loitering munitions. This strategic acquisition strengthens UVision’s operational portfolio by integrating the HERO series with Trim’s innovative Quadikaze missile, creating a more versatile and synergized loitering munition portfolio. Trim Robotics’ QuadiKaze missile is a groundbreaking dual-frame rotary-wing loitering munition system that offers unprecedented aerodynamic efficiency and enhanced flight performance. Unlike conventional rotary wing solutions, Trim’s design integrates dual fuselage ensuring superior in-flight control, optimized attack trajectories with a high angle of attack. The Trim QuadiKaze missile bridges the gap between the limited maneuverability of traditional attack quadcopters and UVision’s advanced fixed-wing Hero series of loitering munitions. It offers significant operational advantages, including extended flight endurance, longer mission durations, and rapid engagement of time-sensitive targets. Its compact dual-fuselage design is ideal for urban warfare and dense environments such as forests and narrow alleyways. Autonomous target identification and attack capabilities ensure stealthy, high-speed engagements, enhancing lethality. The Trim solution is man-portable, requires minimal training, and allows for rapid deployment without extensive preparation. It weighs approximately 4 kg with a highly efficient payload-to-platform ratio.
Dr. Ran Gozali, CEO of UVision Air Ltd., stated: “UVision continues to develop loitering munitions, and this acquisition demonstrates our commitment to enhancing the HERO family’s capabilities for tactical forces. The dual-fuselage design delivers ease of control and fixed-wing-grade kinetic performance. This approach aligns with our vision and portfolio, addressing the need for high-speed, precision loitering munitions in complex operational environments. Together, we will provide customers with next-generation solutions for modern battlefields.”
Jonathan Cohen, CEO of Trim Robotics, said: “This strategic investment and partnership represent a strong vote of confidence in our technology, capabilities, and long-term vision. Partnering with UVision a global leader in loitering munitions – enhances our ability to deliver advanced, mission-ready solutions. Together, we are accelerating the future of UAV innovation and meeting the evolving operational needs of modern defense. We value this partnership and are confident it will bring the Peregrine closer to those who need it most.”
07 Apr 25. Rheinmetall takes over Hagedorn-NC GmbH, securing the supply chain for propellant production. Rheinmetall AG is taking over Hagedorn-NC GmbH, headquartered in Osnabrück, Lower-Saxony. This long-established company has been producing industrial nitrocellulose for civilian applications in Lingen an der Ems for over 100 years. In the course of the takeover, relevant parts of the production are to be converted to military applications. The acquisition enables the Düsseldorf-based technology group to strengthen its manufacturing capacity for propellants for all types of ammunition, especially for 155mm artillery ammunition. A corresponding purchase agreement has now been concluded between Rheinmetall and Hagedorn AG, Osnabrück, as the seller. The acquisition is subject to antitrust approval by the relevant authorities.
Armin Papperger, CEO of Rheinmetall AG: “The acquisition helps us to overcome a strategic bottleneck in propellant production. It gives us an important source of raw materials and continues the vertical integration along the entire value chain in the production of ammunition. We look forward to welcoming the approximately 90 employees of Hagedorn NC to the Rheinmetall Corporation and to offering them secure prospects for the future”.
Gerd Hofmann, CEO of Hagedorn AG: “I am very pleased to have found a new owner for Hagedorn-NC in Rheinmetall, which will offer the company new prospects and growth opportunities. I am convinced that both companies will work well together.”
Nitrocellulose is an essential energetic component of propellant powders. These are used, among other things, as propellants for artillery ammunition. Nitrocellulose is produced by reacting cellulose with nitrating acids. Rheinmetall currently produces nitrocellulose at three sites: Wimmis (Switzerland), Murcia (Spain) and Wellington (South Africa). Through this acquisition, the corporation will have an additional site. Existing customers of Hagedorn-NC GmbH in the civil sector will continue to be supplied for the time being. In the coming months, conversion of production to military-grade nitrocellulose is planned. This step further strengthens Rheinmetall’s position as a leading supplier of large calibre ammunition within NATO, ensuring a long-term, independent supply of essential components for production. As a system house, Rheinmetall offers the ‘full shot’ from a single source: the projectile, the fuse, the explosive charge and the propellant.
06 Apr 25. Military chiefs to spend £200m on state-owned semiconductor factory. County Durham chip plant Octric was nationalised last year in effort to safeguard supply. Military chiefs are preparing to plough £200m into a state-owned microchip factory as the UK races to stave off the threat of Donald Trump’s trade war. Taxpayer funding has been pledged as part of the Ministry of Defence’s 10-year investment programme in Octric Semiconductor, the County Durham chip plant it nationalised last year in a rescue deal. The scheme forms part of Britain’s attempt to create a national semiconductor champion, which could prove crucial as the US president’s tariffs risk wreaking havoc across global supply chains. The funding, which is part of a plan to create hundreds of jobs at the Newton Aycliffe facility, will ensure the supply of crucial parts used in Typhoon jets. The £200m package includes the initial £20m spent to nationalise the plant last year, and comes after Sir Keir Starmer has pledged to boost defence spending.
An MoD spokesman hailed the move as “a clear signal of us backing British defence firms long-term and prioritising production here in the UK”.
The investment is designed to put the facility, one of Britain’s biggest semiconductor plants, on a stable financial footing. It is understood that the MoD is also leaving the door open to outside investors. Octric’s website describes the company as “a foundry for the next frontier” that is “focused on developing the next generation of semiconductors”. The Newton Aycliffe factory was the world’s most advanced when it opened in 1991, but has been through a succession of owners and only part of the site is used today. It currently employs around 130 people, but once boasted a workforce of 700. Its future, as well as crucial supplies of military components, was put in doubt two years ago when Apple cancelled a supply deal with Coherent, the facility’s former US owner. (Source: Daily Telegraph)
04 Apr 25. Karman Space & Defense Acquires Metal Technology Inc. (“MTI”), a Leading Supplier of Ultra-High Temperature, Refractory Alloy Systems for Strategic Missile Programs.
- MTI is a rapidly growing leader in manufacturing specialized refractory metal alloy systems that play a critical role in optimizing performance in the ultra-high temperature environments of next-generation missile programs
- The acquisition accelerates access to new, critical and classified strategic missile defense programs that align with current and future U.S. Department of Defense funding priorities
- MTI is deeply embedded in early development stages of major defense programs with extensive engineering and qualification requirements for refractory metal products involving unique, proprietary manufacturing methods
- The acquisition adds complementary and highly technical capabilities to the Karman platform, including additive manufacturing, hot forging and specialized forming of alloys, that represent a natural extension of Karman’s advanced materials expertise
- The acquisition is immediately accretive to Karman across all major financial metrics, including revenue growth, Adjusted EBITDA margins, contracted revenue and cash flow
Karman Holdings Inc. (“Karman” or “the Company”) (NYSE: KRMN), a leader in the rapid design, development, and production of next-generation technologies to combat near-peer nation state threats, focused on critical, integrated systems for the hypersonic, missile defense, UAV and space sectors, today announced it has acquired Metal Technology Inc. (“MTI), a leader in highly engineered products utilizing refractory alloys, for strategic missile programs, which includes nozzles, EM shielding, energetic liners, gas generators, shape charges and actuation systems, for $90m in cash.
Founded in 1986 and based in Albany, Oregon, MTI has developed a proprietary product portfolio of niche, intellectual property-rich capabilities with a deep expertise in refractory metal alloys such as tantalum, zirconium, niobium, vanadium and molybdenum. MTI’s products serve a critical role in optimizing system performance and operate in highly corrosive, ultra-high-temperature payload deployment and propulsion environments associated with next-generation strategic missiles. With unique, multi-step manufacturing capabilities spanning additive manufacturing, hot forging and advanced forming, MTI is an industry leader in delivering integrated refractory metal products to the high growth strategic missile defense market.
“We are thrilled to add MTI to the Karman platform,” said Tony Koblinski, chief executive officer of Karman Space & Defense. “The acquisition represents a natural expansion of our expertise in advanced materials and an opportunity to deliver valuable new capabilities to our customers. MTI is a unique asset within the defense supply chain whose deep capabilities in refractory metals have been on our strategic roadmap for some time. Their customer and programmatic relationships create compelling opportunities to accelerate our growth and create shareholder value.”
“We welcome the talented members of MTI to the Karman team. We look forward to working together to deliver even more value to our customers as we continue executing on our mission to be the nation’s leading merchant supplier of advanced space and defense technologies,” Mr. Koblinski added. (Source: BUSINESS WIRE)
04 Apr 25. Safran wins EU antitrust approval for $1.8bn Collins deal. French engine and aircraft equipment maker Safran (SAF.PA)on Friday secured the green light from EU antitrust regulators for its $1.8bn bid for Collins Aerospace’s flight controls business after pledging to sell a North American actuator business. Safran announced the deal in 2023, its largest since its 2018 acquisition of seat maker Zodiac seven years ago, to help it better prepare for the next generation of increasingly computerised aircraft and expand its portfolio to supply civil and defence plane makers. (Source: Reuters)
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