As per the terms of the deal, NV5 Global will obtain 16 US patents for imaging, geospatial data analysis, real-time weather monitoring, and situational awareness
L3Harris' Visual Information Solutions business to be acquired by NV5 Global. (Credit: David Mark from Pixabay)
L3Harris Technologies has agreed to divest its Visual Information Solutions geospatial technology and software business, to engineering and consulting solutions provider NV5 Global.
The financial terms of the all-cash transaction were not disclosed.
According to L3Harris Technologies, the deal is expected to have an estimated benefit of up to $100m.
As per the terms of the deal, NV5 Global will obtain 16 US patents for imaging, geospatial data analysis, real-time weather monitoring, and situational awareness.
Besides, the US-based firm will acquire the trademarks for IDL, Jagwire, ENVI, Amplify, and Helios software applications, including 13 US and non-US trademark registrations.
According to NV5 Global, the US Department of Defense and other federal civilian agencies, including NASA, the National Oceanic and Atmospheric Administration (NOAA), and the United States Geological Survey (USGS) rely extensively on the purchased proprietary software applications and analytics as a service (AaaS) solutions.
The acquired software programmes support about 500,000 users worldwide and are compatible with more than 200 LiDAR, imaging, and satellite data types, stated the company.
Through the acquisition, NV5 Global is expected to grow its position as a provider of subscription-based software products for the analysis and management of geospatial data.
NV5 Global chairman and CEO Dickerson Wright said: “This acquisition solidifies our position as the nation’s premiere provider of geospatial data solutions and expands NV5’s suite of subscription-based, commercial geospatial software applications.
“The business aligns well with NV5’s existing geospatial sector focus. A significant majority of the acquired business’ revenue is derived from sectors that are historically not impacted by interest rate fluctuations, such as public-sector environmental and defense, utilities, energy, infrastructure, and healthcare.”
The transaction, which is subject to regulatory approvals and other customary conditions, is anticipated to close in the first half of 2023.
Earlier this week, L3Harris Technologies said that it will acquire US-based aerospace and defence company Aerojet Rocketdyne in a deal worth $4.7bn, which is inclusive of the latter’s debt.