Sponsored by SPX CommTech (TCI & ECS)
www.tcibr.com
www.enterprisecontrol.co.uk
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13 Jun 24. Enterprise Control Systems (ECS), part of the SPX Communication Technologies platform, today announces an expanded partnership with expert radiocommunication distributor SORRAC, to provide the French security and police teams with advanced Radio Frequency (RF) and Tactical Data Link capabilities.
The partnership agreement gives SORRAC rights to resell ECS Data Links capabilities in the region, where there is growing demand for secure real-time data transfer from air to ground to protect the nation and events such as the 2024 Paris Olympic Games. This extends SPX Communications Technologies’ existing relationship with SORRAC which provides defence and security teams with TCI’s Communications Intelligence (COMINT) capabilities.
Specifically, SORRAC will be able to sell ECS’s next-generation Evenlode Video and Audio Encoder / Decoder, its latest Tactical Data Link solution. It delivers improved low-latency, long-range, high-definition video and audio transfer for faster and more accurate intelligence gathering. Evenlode Video and Audio Encode / Decoder ensures timely and informed decisions can be made, even on the tactical edge. It also allows teams to select the latest mission-critical information required without disrupting the operation and simultaneously processing and transferring up to four video inputs for improved situational awareness.
James Cooke, European Business Development Manager at SPX Communication Technologies, says: “After years supporting defence and security forces across Europe, the extended collaboration with SORRAC reflects our commitment to the French market and in delivering its teams the right technology for a more secure future. By combining our proven technology with local expertise we’re able to address challenges with the appropriate solution, a process based on listening and working collaboratively within the business, but also with customers and partners like SORRAC.”
Ludovic Seixo, Sales Manager at SORRAC, says: “We look forward to expanding our collaboration with SPX Communication Technologies and delivering its Tactical Data Link technology to the French market. By continuing to combine our expertise, we’re confident in our ability to support customers in such a buoyant market and at such a critical time.”
About SPX Communication Technologies – ECS
Enterprise Control Systems (ECS), as part of the SPX Communication Technologies platform, innovates specialised technologies within the Radio Frequency (RF) spectrum to ensure a smarter, more secure future for all.
SPX Communication Technologies’ Tactical Data Link portfolio allows organisations that are conducting airborne ISR operations in the defence, security, and policing environments to transfer video and data securely and reliably between enabled aircraft and ground users over long distances in congested RF environments.
Combining decades of technology innovation and expertise with agile and collaborative teams, SPX Communication Technologies delivers sustainable and exceptional results to customers across the globe – in regions including Europe, APAC, the Middle East and Africa.
For more information on SPX Communication Technologies’ Tactical Data Links, visit www.enterprisecontrol.co.uk
13 Jun 24. Patria acquires a leading manufacturer of drone systems Nordic Drones. Patria has signed a bill of sale for the acquisition of the entire share capital of Nordic Drones Oy (‘Nordic Drones’), a Finnish leading drone pilot trainer and manufacturer of drones designed for professional use. Nordic Drones has designed and delivered complete solutions and user training for various technical aerial photography as well as mapping, measurement, inspection, control and authority tasks for the needs of more than 100 companies and organizations. The company employs 10 people and is located in Muurame, Finland. The parties do not disclose the value of the acquisition.
Driving Patria’s growth strategy requires significant investments in product development, innovations and partnerships. What Patria offers also in the field of unmanned system solutions is constantly being developed.
“Integrating the capabilities of unmanned systems into the defence system is a prerequisite when preparing for today’s threats of battlefield. Patria’s strong development and research expertise as well as experience in autonomous systems, indirect fire systems and system integrations make our company a leading player in the field,” says Jussi Järvinen, Executive Vice President of Patria’s Finland Division. “Nordic Drones’ expertise in manufacturing professional drone systems for numerous customers is an excellent and logical reinforcement of Patria’s Unmanned Aerial Systems (UAS) offering, which benefit our mutual and new customers in Finland and internationally, across all operating environments.”
Nordic Drones has been developing unmanned drone systems for over ten years. The company has achieved a significant position as a partner for Nordic security authorities. “We have succeeded in developing internationally unique product systems with huge market potential. We believe that Patria is the best partner to speed up our internationalization. In the future, we will also be able to offer even wider and more interesting solutions to our customers together with Patria,” comments Pietari Sorri, Managing Director of Nordic Drones.
The completion of the acquisition requires the approval of the Finnish Ministry of Employment and the Economy (‘TEM’) and the related authority process has started. If the acquisition takes place, it will not affect the company’s customer commitments, employment relationships or other commitments made by the company. The length of the official process is dependent on TEM, the approving authority in question.
12 Jun 24. Emirati defense giant joins forces with Indian firm with an eye towards a host of defense systems. The Emirati firm has been eyeing expansion in multiple global markets, including Latin America and East Asia, EDGE Group’s CEO Hamad Al Marar told Breaking Defense in February.
As Emirati defense conglomerate EDGE Group is expanding its reach across the globe, the four-year old firm said it is joining forces with Indian Adani Defence and Aerospace, highlighting potential joint efforts in missile and unmanned cooperation.
“This agreement reflects our dedication to bringing our customers the most advanced and sophisticated products to the market, while taking advantage of the global export potential including critical UAE-grown technology. We are keen to setup the joint platform between Adani Defence and EDGE to pioneer new technologies and set new standards in advanced military equipment and defence sector,” EDGE’s CEO Hamad Al Marar said in a Tuesday announcement.
According to the agreement, EDGE and Adani will explore establishing facilities for production and maintenance, research and development in India and the UAE, respectively, in a deal that could increase both firms’ footprints in Southeast Asia and wider global markets.
The two plan to focus on a wide range of systems from missiles to weapons, including “airborne, surface, infantry, ammunition, and air defence products, platforms & systems covering unmanned aerial systems (UAS), loitering munitions, counter drone systems, unmanned ground vehicles (UGV), as well as electronic warfare (EW) and cyber technologies,” according to the firm’s statement.
The agreement “is a reflection of our shared vision to fortify our nation’s capabilities by not just delivering cutting-edge solutions for the two countries but also setting new benchmarks in the global defence landscape,” said Adani Defence & Aerospace CEO Ashish Rajvanshi.
It’s not EDGE’s first pitch for cooperation with Indian firms. During Dubai Airshow 2023, EDGE Group pitched its missiles to be carried by India’s HAL Tejas fighters, using a static display at the show as a demonstration.
space.
The Emirati firm has been eyeing expansion in multiple markets, including Latin America and East Asia, EDGE Group’s CEO Hamad Al Marar told Breaking Defense in February.
In the context of Asian expansion, earlier this year EDGE Group signed a contract to supply Indonesian state-owned enterprise PT Pindad with an ammunition production line in a $27m deal.
From its side India has been boosting ties with Arab states for some time now during Prime Minister Narendra Modi’s term. In September 2022, Indian defense minister Rajnath Singh visited each in an attempt to boost defense relations, and mainly trying to secure joint manufacturing deal for Indian light combat fighters. (Source: Defense News Early Bird/Breaking Defense.com)
12 Jun 24. Everfox to Purchase Garrison Technology Ltd and Expand its Mission to Reflect a New Era of Defense-Grade Cybersecurity. Today, Everfox (formerly Forcepoint Federal) announced a definitive agreement to purchase Garrison Technology Ltd. The transaction is subject to regulatory review and customary closing conditions and is expected to close this summer. The addition of Garrison’s hardware-enforced security (hardsec) and software capabilities into the Everfox software suite of cross domain, threat protection and insider risk solutions will provide enterprise customers in government and regulated industries a broader set of innovative cybersecurity solutions to protect their digital infrastructure.
Sean Berg, CEO of Everfox, states “We entered 2024 with great momentum, with the separation from Forcepoint and standing up Everfox. We are continuing our focus on growth and innovation and are excited to add Garrison’s hardsec and software solutions to our portfolio. Everfox has been working with Garrison as a partner for several years and have found their technology to be a complementary extension to our software cross domain solutions for connecting high-threat networks for both on-premise and cloud.”
Garrison has a strong reputation and is trusted by global national governments, critical infrastructure and enterprise commercial customers. “We created Garrison to develop nation-state level security technologies that enable the most sensitive government missions to operate efficiently in a digital world, and to then extend the availability of these solutions out to critical infrastructure and enterprise customers. Everfox and Garrison share a similar mission and we are confident the combination of our complementary hardsec solutions with Everfox’s portfolio will accelerate the delivery of high-assurance security that can really make a difference for our customers,” said David Garfield, Co-founder and CEO of Garrison Technology Ltd.
“The operating environment for the defense and intelligence communities has only become more complex, with cyber threats from sophisticated actors growing in frequency,” said Tim Millikin, Partner at TPG. “Garrison’s distinctive technology paired with Everfox’s expertise and history in government security create a powerful solution to further global resilience.”
Everfox is headquartered in Herndon, Virginia, with offices also located in Champaign, Illinois; Richardson, Texas; Salt Lake City, Utah; and Malvern, United Kingdom.
Citi served as financial advisor to Everfox.
About Everfox
Everfox, formerly Forcepoint Federal, has been defending the world’s most critical data and networks against the most complex cyber threats imaginable for more than 25 years. As trailblazers in defense-grade, high-assurance cybersecurity, Everfox has led the way in delivering and developing innovative cybersecurity technology. Headquartered in Herndon, VA, Everfox’s suite of cross domain, threat protection and insider risk solutions empower governments and enterprise organizations to use data safely – wherever and however their people need it. Learn more: www.everfox.com.
About Garrison Technology Ltd
Garrison is a London-based cybersecurity company founded in 2014 by David Garfield (CEO) and Henry Harrison (Chief Scientist). A global leader in hardsec, Garrison is revolutionizing ways of working for some of the most security-conscious parts of government by delivering innovative, cross-domain solutions that help drive digital transformation and user enablement. Garrison is also dedicated to protecting enterprise organizations from the threat of the web. Its pioneering hardsec Browser Isolation solution, Garrison ULTRA®, offers robust protection against web-based risks, including ransomware attacks, phishing, and other forms of malware. Learn more: www.garrison.com. (Source: BUSINESS WIRE)
12 Jun 24. Solid State aiming to earn market recognition through performance.
- By “Simply, we do posh Lego,” according to Peter James, group finance director of Solid State [LON:SOLI]. “[…] if I give you a box of Lego with no instructions and ask you to assemble what’s on front of the box, you’ll have a hard time … We write the instructions manual, as we have the specialist knowledge on how to bring technologies together.”
James was simplifying what the Redditch-based electronic components distribution and manufacturing company does in its Systems Division. The AIM-listed technology firm has, as reported, had a strong year, and James is confident that this will continue in the coming years. “We have strength in diversity,” James said, “…we operate in a broad number of markets, and cover this with a number of different products and services to the industry and our diversity has given us resilience.”
As reported, Solid State operates through two main divisions, its Systems Division, which encompasses the operating companies: Steatite, Active Silicon and Custom Power; and its Components Division, which includes the operational units Solsta (formerly Solid State Supplies) and Pacer. The company has been in business for 53-years and has been a component of AIM for 27-years and has employs around 400 people. Its subsidiary, Steatite, which Solid State acquired in 2002 was founded in 1938.
Diversity through adversity
The specialist value-added component supplier and design-in manufacturer of computing, power, and communications product range’s diversity really shone through during the Coronavirus pandemic, and although Solid State’s aerospace division suffered – as people were no longer taking flights – it more than made up for this in its Medical Division, as demand for its medical device battery units blew up.
Although the company said recently that trade for its Components Division had been subdued in the last year, as industrial customers unwound their stocked-up inventories from the period around the pandemic; it has made up the slack in its Systems Division especially in light of the heightened agitation from NATO governments with regard to their Defence and Security spending, and seen growth in its aerospace and defence product and system engineering lines.
Business Description
Solid State, together with its subsidiaries, designs, manufactures, and supplies electronic equipment in the United Kingdom, rest of Europe, Asia, North America, and internationally. It also supplies electronic components and materials. The company operates through Components and Systems divisions. The Components division provides own brand manufactured and franchised components; and value-added services, such as sourcing and obsolescence management. It engages in designing-in technical solutions for customers seeking cutting edge, electronic, opto-electronic, electro-mechanical components, and displays. The Systems division offers systems solutions, which include industrial computing and vision systems; custom battery packs providing portable power; energy storage solutions; and advanced communication systems, encompassing wideband antennas and radio products. The company also offers engineering consultation services. It serves commercial, industrial, and defence markets. The company was formerly known as Solid State Supplies plc and changed its name to Solid State in May 2006. Solid State was incorporated in 1963 and is headquartered in Redditch, the United Kingdom.
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“Our diversity of product has really helped us,” said James, “we divide our Components Division into two distinct product areas: our own brand, and franchise components […] if we have just one or two of our components on a product, that’s no good. What we want is four or five key parts, as it allows us to sell more products to the same customer, and thereby increases our margin.”
Low risk approach to acquisitions
The company has grown organically but is not averse to finding a rival with synthesis and trying to combine the businesses, especially in areas where it is more cost-effective and time-efficient to acquire expertise, as opposed to try to build new facilities from scratch.
The company has completed 13 acquisitions in 20-years but doesn’t have a target on a whiteboard of: ‘we must make an acquisition every year’ and will pick and choose its opportunities on a strategic basis. Sometimes it won’t make any acquisitions for a while, but when called upon management acts decisively and accomplished two acquisitions in the one year. Solid State’s last acquisition was Custom Power in 2022.
James said: “We have a low-risk approach to acquisitions […] looking to find a bolt-on that will add value to the group and is a strategic fit […] we look for a willing seller and walked away from one deal recently as the buyer wasn’t quite ready to sell and the acquisition didn’t quite fit our current risk profile […] that doesn’t mean that we won’t return to the opportunity, but at the moment that acquisition wasn’t perfect for us at this time.”
The company suffers from a similar problem to many smaller-cap and AIM-listed companies, in that it would like access to more liquidity, and to be fair, Solid State’s liquidity is better than many of its peers. The company has a roster of solid institutional backers including BGF Investment Management, Schroders and Abrdn, but would welcome a register of smaller shareholders.
UK tech companies should have greater recognition
James said that like many CFOs of smaller capitalization companies he would prefer greater recognition, “but I’m not going to whine about how the market has been unfair to my company’s shares like some of my peers might,” and believes that all things considered that the market has treated Solid State fairly, but when compared to the US or Asia, technology companies in the UK: “[…] don’t get the recognition we deserve […] and the UK [technology sector] trades at a comparative discount.”
James said that Solid State focuses on total shareholder return when selling the company to potential investors, concentrating on improving profit before tax on a consistent and sustainable basis. The company does pay a dividend, but it is paid as more of a recognition and thank you for being supporters of the company and shareholders get rewarded for their faith in Solid State through total shareholder return – primarily the share price going up.
He explained that Solid State isn’t the kind of company you buy if looking for a sleepy, income-orientated, dividend machine; instead, the company is on an ambitious growth trajectory and he believes that the company can become eminently more valuable in the coming years as the world increasingly relies on devices and the circuits, components and electrical engineering that drive their technology for its every need.
To wit, Solid State hopes to reward its shareholders by increasing the value and share price of the company. The expectation is that if Solid State continues to consistently increase total shareholder return year-on-year, it will start to gain proper recognition from the market.
Solid State opened trading on 11th June at 1,498p. Over one-year the company’s shares are up 31.4% and over the year-to-date up 5.9%. The company has a market capitalisation of GBP170m and its shares have ranged between 1,010p and 1,533.75p over a 52-week period. (Source: https://www.thearmchairtrader.com/)
12 Jun 24. Red Cat to Acquire FlightWave Aerospace Systems. Red Cat Holdings, Inc. , a drone technology company integrating robotic hardware and software for military, government, and commercial operations, announced it has entered into a Letter of Intent (LOI) for the planned acquisition of FlightWave Aerospace Systems Corporation a provider of Vertical Take-off and Landing (VTOL) drone, sensor, and software solutions. Edge 130, FlightWave’s Blue UAS approved military-grade tricopter would, upon closing, be added to Red Cat’s line of unmanned Intelligence, Surveillance, and Reconnaissance (ISR) systems.
“The planned acquisition builds on FlightWave’s accomplishments and continues our mission to provide low-cost, rucksack portable drones with diverse capabilities,” said Jeff Thompson, Red Cat CEO. “Our Teal drones already bolster mission effectiveness and safeguard warfighters globally. The Edge 130 complements Teal with extended range and endurance, additional payloads and capabilities for maritime and other environments, and positions us to address the evolving requirements of the Pentagon’s Replicator Initiative.”
Red Cat is redefining the role of Small Unmanned Aircraft Systems (sUAS) for defense applications with unparalleled technology innovation, strategic software and hardware partnerships, and a deep understanding of the operational needs of today’s warfighters. The company is expanding its line of sUAS to support the Pentagon’s desire to accelerate innovation and meet its growing need for “attritable” autonomous systems across air, land, and sea. FlightWave aligns perfectly with the Red Cat Futures Initiative, and the Edge 130 provides a new platform for Red Cat to augment with capabilities through its ecosystem of industry partners.
“Our acquisition by Red Cat will be a significant leap forward in UAV technology integration, setting the foundation for a UAV Family of Systems for easy deployment,” said Dr. Trent Lukaczyk, Co-Founder and CTO of FlightWave. “The Edge 130 is engineered to provide long-range aerial autonomy and is capable of performing long distance Beyond Visual Line of Sight (BVLOS) mapping, inspection, surveillance, and reconnaissance missions with exceptional accuracy. With a flight time exceeding two hours in forward flight mode and a design optimized for quick assembly and deployment, the Edge 130 sets a new standard for Group 1 military-grade VTOLs. We are excited to bring our expertise and innovations to Red Cat and enhance operational capabilities for defense and government agencies.”
“Catapult Ventures has proudly supported FlightWave’s long-range aerial autonomy vision and is thrilled for FlightWave to join forces with Red Cat leveraging the synergies of both companies to drive significant value for stakeholders,” said Darren Liccardo, Co-Founder & Managing Director Catapult Ventures and Lead Investor at FlightWave. “The inclusion of Edge 130 into Red Cat’s portfolio provides substantial opportunities for revenue growth and market expansion. We are confident this strategic acquisition will deliver cutting-edge UAV solutions to meet the evolving demands of defense and commercial markets and propel both companies to new heights.”
Red Cat subsidiary Teal Drones builds its Teal 2 system, designed to support U.S. and allied military operations, public safety organizations, and government agencies, at its Utah facility. Teal 2 is a cost-effective, man-portable sUAS designed to “Dominate the Night” that has best-in-class night vision, multi-vehicle control support, and a fully modular design. It is both Blue UAS Certified and FAA Remote ID approved. Through technology partnerships, the Red Cat Futures Initiative will exponentially expand the use cases for Teal Drones into multi domain (air, land, and sea) operations.
The Edge 130 Blue is a UAS Certified military-grade tricopter for long-range mapping, inspection, surveillance, and reconnaissance needs. Designed specifically for government and military applications, the Edge 130 Blue can be assembled and hand-launched in just one minute by a single user to capture high-accuracy aerial imagery with long-range autonomy. Weighing only 1,200 grams, the Edge has flown for over two hours in forward flight mode, an industry-leading endurance among all other Blue UAS approved drones available. (Source: UAS VISION)
10 Jun 24. Booz Allen Acquires PAR Government Systems Corporation.
- Combined solutions will accelerate innovative, tech-enabled solution delivery at the edge
- PAR Government Systems Corporation’s IP and technical workforce will strategically augment Booz Allen’s capabilities in situational awareness, decision advantage, and countering uncrewed aerial systems (UAS) threats
- Acquisition will enable improved outcomes for agencies in national defense and beyond
Booz Allen Hamilton (NYSE: BAH) announced today that it has acquired PAR Government Systems Corporation (PGSC), a wholly owned subsidiary of PAR Technology Corporation (NYSE: PAR). The acquisition will combine PGSC’s edge technologies with Booz Allen’s deep mission expertise and digital battlespace solutions to accelerate and transform warfighter technology on the front lines.
Founded in 1985 and headquartered in Rome, New York, PGSC delivers differentiated services and solutions in strategic mission areas, including the provision of real-time communications and mobile situational awareness to maintain battlespace dominance. PGSC’s Integrated Tactical Solutions (ITS), Innovative and Commercial Solutions (ICS), and Intelligence and Readiness Operations (IRO) businesses have long-standing track records of innovation and development of technology-driven solutions for a range of government customers.
As a leading defense technology provider for the Department of Defense, Booz Allen combines deep mission expertise with advanced technology to accelerate results across the warfighting lifecycle. The acquisition strengthens the firm’s ability to meet the evolving needs of defense clients and adds highly technical and cleared talent with mission-relevant expertise to Booz Allen’s already strong global defense talent base.
Additionally, PGSC’s capabilities complement Booz Allen’s space data solutions, increasing the firm’s ability to leverage dual-use commercial intelligence, surveillance, and reconnaissance (ISR) to augment situational awareness capabilities for operators at the edge. PGSC’s suite of imagery and communications tools will also provide key operational mission capabilities that enable scaled operational planning, data sharing, visualization, and target management.
PGSC will integrate into Booz Allen’s global defense business led by Sector President Judi Dotson. The acquisition further broadens and deepens Booz Allen’s ability to bring cutting-edge technologies to evolving defense missions and deliver innovative solutions to warfighters in the digital battlespace.
“With increasing threats to joint all domain operations and heightened geopolitical uncertainty, securing the nation’s future against the pacing threat requires industry to invest and innovate in new ways. This acquisition reinforces Booz Allen’s commitment to help accelerate the modernization of tactical warfighting mission systems and secure the future,” said Dotson.
Combining PGSC’s skilled workforce, innovative capabilities and products, and dedicated client commitment with Booz Allen’s software development capabilities, talent, and deep mission expertise will expand and enhance multiple solutions that address urgent national security priorities and geopolitical challenges, including tools to deliver advanced geospatial mapping, counter uncrewed aerial systems (C-UAS), improve situational awareness, and support proliferated Low Earth Orbit (pLEO) space data solutions.
“Booz Allen and PGSC share a deep commitment to addressing the evolving and systemic threats the nation faces with technology and solutions that drive greater mission outcomes,” said Michael Nelson, president at PGSC. “We look forward to applying our combined solutions for greater and broader impact on missions that matter, and infusing our analytical development with increased resources, tools, team members, and industry-level best practices to empower the nation’s warfighters and meet these next-gen warfare demands.”
The acquisition continues to strengthen Booz Allen’s position at the intersection of mission and technology, aligned with the firm’s VoLT (Velocity, Leadership, Technology) growth strategy, its investment thesis, and current and anticipated Department of Defense priorities.
Jefferies LLC and King & Spalding LLP advised Booz Allen on the transaction. Baird and Gibson, Dunn & Crutcher LLP advised PAR Technology Corporation.
About Booz Allen Hamilton
Trusted to transform missions with the power of tomorrow’s technologies, Booz Allen Hamilton advances the nation’s most critical civil, defense, and national security priorities. We lead, invest, and invent where it’s needed most—at the forefront of complex missions, using innovation to define the future. We combine our in-depth expertise in AI and cybersecurity with leading-edge technology and engineering practices to deliver impactful solutions. Combining 110 years of strategic consulting expertise with the perspectives of diverse talent, we ensure results by integrating technology with an enduring focus on our clients. We’re first to the future—moving missions forward to realize our purpose: Empower People to Change the World®.
With global headquarters in McLean, Virginia, our firm employs approximately 34,200 people globally as of March 31, 2024, and had revenue of $10.7 bn for the 12 months ended March 31, 2024. To learn more, visit www.boozallen.com. (NYSE: BAH)
About PAR Technology
For more than 40 years, PAR Technology’s (NYSE: PAR) cutting-edge products and services have helped bold and passionate restaurant brands build lasting guest relationships. We are the partner enterprise restaurants rely on when they need to serve amazing moments from open to close, during the most hectic rush hours, and when the world forces them to adapt and overcome. More than 70,000 restaurants in more than 110 countries use PAR’s restaurant hardware, software, loyalty, drive-thru, and back-office solutions. To learn more, visit www.partech.com or connect with us on LinkedIn, Twitter, Facebook, and Instagram.
(Source: BUSINESS WIRE)
07 Jun 24. Italy approves French firm Safran’s purchase of Microtecnica. Italy has approved French defense company Safran’s purchase of Italian firm Microtecnica after promising to safeguard Italy’s national interests, Safran announced.
The Italian government blocked the sale in November, with officials warning Safran’s management could endanger vital work Microtecnica performs on the Eurofighter jet, which is built by Italy, Germany, Spain and the U.K.
Explaining the Italian government’s change of heart, Safran said it had made “a number of commitments, which are compatible with the targeted objectives of this acquisition, and which address the concerns expressed in the initial Italian decree of Nov. 16, 2023 and provide adequate safeguards of the Italian national interests.”
In a statement on Thursday, the firm said it had been “informed by the Italian government of its decision ultimately to approve the sale to Safran of Microtecnica.”
Owned by U.S. firm Collins Aerospace, which is in turn owned by the large American defense contractor RTX, Microtecnica was part of Collins’ flight controls business, which Safran was to buy in a $1.8 bn deal announced in July.
Italy blocked the deal by using its so-called Golden Power legislation, which grants it the right to halt purchases of strategic firms by overseas buyers. It is often used to counter Chinese acquisitions in Italy.
Reuters reported at the time that Germany had shared with Italy its concerns about supplies of components to the Eurofighter.
In January, RTX and Safran said they were preparing to challenge the veto in court, but noted they were ready to offer more guarantees of protecting Italy’s national interests to make the deal go ahead.
“We look forward to the opportunity to resolve the matter through a constructive dialogue with the Italian Government outside of the appeal process,” an RTX spokesman said at the time. (Source: Defense News)
06 Jun 24. Dolby Laboratories, Inc. (NYSE: DLB), a leader in immersive entertainment experiences, announced today that it has entered into a definitive agreement to acquire GE Licensing, which owns, maintains, and licenses an extensive portfolio of IP primarily targeting the consumer digital media and electronics sectors.
As one of the most respected companies in the field of patent licensing and management, GE Licensing is a leading innovator with world-class patents and licensing expertise, especially with respect to pioneering video codec technology. The transaction will include a portfolio of over 5,000 patents, including foundational patents in standard essential video compression. GE Aerospace will retain its portfolio of IP related to its core aerospace and defense technologies, as well as the trademark portfolio for the GE brand.
“GE Licensing is home to a number of essential innovations that power the modern world” said Andy Sherman, Dolby Executive Vice President, Patent Licensing and General Counsel. “An important part of Dolby’s strategy is providing value to our customers, partners, and the industry through open standards and collaborative pool licensing. This acquisition gives us the opportunity to continue to promote and support innovation within our ecosystems.”
This acquisition is an extension of Dolby’s existing licensing businesses. GE Licensing’s portfolio of video codec technology, such as HEVC and VVC, complement, strengthen, and expand the scale of Dolby’s intellectual property portfolio. Dolby is committed to continuing to facilitate the adoption of next-generation standardized technologies – enabling industry efficiency, continuity, and growth.
“Dolby is a trusted leader and innovator with a long history in licensing technologies and patents through collaborative structures,” said Robert Giglietti, GE Aerospace’s CEO of Corporate Holdings and Treasurer. “As GE Aerospace continues to sharpen its focus as a standalone company serving aerospace and defense customers, Dolby is the right partner for ensuring these innovative digital media technologies continue to serve businesses and consumers around the world.”
Financial Considerations
Dolby Laboratories has agreed to acquire GE Licensing, an intellectual property licensing business primarily targeting the consumer digital media and electronics sectors, in a $429 m all cash transaction. This deal is expected to close by the end of fiscal year 2024, subject to regulatory approval and other customary closing conditions, and is not expected to have a material impact on Dolby’s fiscal year 2024 results. This transaction includes attractive complementary assets that strengthen and expand Dolby’s patent portfolios, and represents a compelling financial profile of durable, high-margin revenue. Dolby expects the deal to be accretive on a non GAAP basis to operating margins and EPS in fiscal 2025.
This transaction is not expected to affect Dolby’s practice of returning capital to stockholders through its quarterly dividend and through stock repurchases to offset dilution from stock-based compensation.
About Dolby Laboratories
Dolby Laboratories (NYSE: DLB) is based in San Francisco, California with offices around the globe. From movies and TV shows, to apps, music, sports, and gaming, Dolby transforms the science of sight and sound into spectacular experiences for bns of people worldwide. Dolby partners with artists, storytellers, developers, and businesses to revolutionize entertainment and communications with Dolby Atmos, Dolby Vision, Dolby Cinema, and Dolby.io. Dolby, Dolby Atmos, Dolby Vision, Dolby Cinema, Dolby.io, and the double-D symbol are among the registered and unregistered trademarks of Dolby Laboratories in the United States and/or other countries. (Source: PR Newswire)
07 Jun 24. Kromek – Cancellation of outstanding Convertible Loan Notes. Further to the Company’s announcement of 12 February 2024, which notified the market of a conversion of Loan Notes and accrued interest by Loan Note holders (the “Loan Notes”), Kromek (AIM: KMK), a leading developer of radiation and bio-detection technology solutions for the advanced imaging and CBRN detection segments, announces that it has since agreed to allot new ordinary shares of 1 penny each (“Ordinary Shares”) in the Company to a further Loan Note holder in consideration for them cancelling their Loan Note that expired on 22 May 2024 (the “Conversion”).
This final Loan Note holder will cancel their Loan Note, which totals £36k of debt, including accrued interest, and the Company has agreed to allot 527,092 new Ordinary Shares (the “New Ordinary Shares”) in consideration for the Loan Note being cancelled (the “Cancellation”). This is being done at an effective price of 6.85 pence per Ordinary Share, being the closing price of the Company’s Ordinary Shares on AIM on 22 May 2024.
Following the Cancellation, the Company will have no outstanding Loan Notes.
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SPX CommTech, part of SPX Technologies Inc, innovates specialised technologies within the Radio Frequency (RF) spectrum to ensure a smarter, more secure future for all. Formed by TCI and ECS, SPX CommTech’s Battlespace portfolio enables defence and security teams to detect, defeat and exploit RF signals to enhance communications intelligence (COMINT) and counter unmanned aerial systems (Counter-UAS). Additionally, its Tactical Data Link portfolio allows intelligence gathering agencies, special forces, emergency response, and security teams to securely and reliably transfer video and data between enabled-aircraft and ground teams over long distances for airborne Intelligence, Surveillance, Reconnaissance (ISR).
For more information visit www.tcibr.com and www.enterprisecontrol.co.uk
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