Carmanah Acquires EKTA Marine Aids
Carmanah Technologies Corporation has completed the acquisition of the EKTA marine aids to navigation assets from Cybernetica AS of Estonia.
The company had previously announced its intention to acquire the EKTA branded products and contracts on November 29th, 2016.
"The acquisition accomplishes two important steps in our growth strategy," said John Simmons, Carmanah CEO. "The ETKA products will strengthen our worldwide product portfolio and allow us to provide more comprehensive single-source solutions for our marine customers. At the same time, the assignment of Cybernetica's sales contracts adds to our overall market share and our position as the dominant provider in Europe."
Under the terms of the agreement the purchase price will be EUR1.35 million and will be paid by way of EUR1 million in cash on closing and EUR0.35 million on the first anniversary of closing.
Cybernetica is an R&D intensive ICT company that researches, develops and manufactures mission-critical systems, light signalling and telematics products, maritime surveillance and radio communications systems.
Carmanah designs, develops, and distributes a portfolio of products focused on energy-optimized LED solutions for infrastructure.
