UK: Ultra Electronics to Acquire Forensic Technology Wai Inc

first_img View post tag: Inc View post tag: Navy View post tag: Forensic UK: Ultra Electronics to Acquire Forensic Technology Wai Inc Forensic Technology is an international company, headquartered in Montreal, Canada that employs 253 people across five offices around the globe. The company provides automated firearm ballistics identification and forensic analysis systems to law enforcement agencies in over 65 countries. Forensic Technology is currently developing a number of document security and analytic products based on its existing capabilities and areas of expertise. The company has a 20+ year track record of delivering market-leading forensic analysis solutions that help police worldwide combat gun crime at local and national levels, as well as internationally through its partnership with INTERPOL. Forensic Technology’s customers include the US Bureau of Alcohol, Tobacco, Firearms and Explosives, Canada’s RCMP, Israel Police, the UK’s National Ballistics Intelligence Service, and the South African Police Service.Forensic Technology will continue to operate from its existing facilities as a bolt–on acquisition to Ultra’s Tactical & Sonar Systems Division.The acquisition of Forensic Technology will be financed using Ultra’s facilities and balance sheet. In the year ended 31 December 2013, Forensic Technology generated Profit Before Tax* of CAD $8.9m; gross assets were CAD$47.3m. Ultra plans to accelerate the development of Forensic Technology’s document security and analytic products capability over the next nine to twelve months. It is estimated that this will require expensed development cost of around £1.0m. This development cost, together with integration costs, means that Forensic Technology will be fully earnings accretive during 2015.The transaction is subject to US regulatory approvals. Assuming satisfaction of all closing conditions and approvals, the transaction is expected to close towards the end of the second quarter of 2014.[mappress]Press Release, April 28, 2014; Image: Ultra Electronics Ultra has agreed to acquire Forensic Technology WAI Inc (“Forensic Technology”) for an initial cash consideration of CAD $94m. Additional payments of up to $6m will be made subject to earnings growth over the next two years. Ultra has agreed to acquire Forensic Technology from private investors and its management team, which includes the company’s founder. The core management team will stay with the business. View post tag: Ultra April 28, 2014 View post tag: Technology View post tag: Electronics View post tag: Naval View post tag: acquire View post tag: News by topic Share this article Back to overview,Home naval-today UK: Ultra Electronics to Acquire Forensic Technology Wai Inc View post tag: Wai Industry newslast_img read more