Teledyne Technologies Incorporated (NYSE:TDY) (“Teledyne”) announced today that it has acquired ChartWorld International Limited and affiliates (“ChartWorld”). ChartWorld, headquartered in Cyprus, with additional locations in Hamburg, Singapore, Vancouver and Tokyo, is a leading provider of digital marine navigation hardware and software provided through an affordable subscription-based model. Terms of the transactions were not disclosed.
Commercial maritime subscribers to ChartWorld’s software as a service (SaaS) receive free type- approved Electronic Chart Display and Information Systems (ECDIS), a lifetime warranty and global 24/7 support. ChartWorld also provides digital Electronic Navigational Charts (ENCs) and other geospatial software and services, including digital route appraisal and voyage planning, as well as onshore software for fleet monitoring and risk assessment.
ChartWorld affiliate, SevenCs, has a long and proud history of participation in the development of standards regarding electronic maritime chart display. Today, SevenCs continues to provide ENC production and distribution software, as well as software development kits for the display of electronic nautical charts in accordance with maritime standards to other navigation system OEMs.
“ChartWorld’s maritime navigation software and hardware tools bridge a product and technology gap between our Teledyne Marine and Raymarine businesses,” said Robert Mehrabian, Chairman, President, and Chief Executive Officer. “Furthermore, the acquisition adds to our software capabilities and recurring revenue, while expanding our customer base to include commercial Safety of Life at Sea (SOLAS) class vessels and their commercial fleet operators. We are pleased to have now completed our second acquisition for the Teledyne FLIR and Raymarine organizations in the last six months.”
Teledyne is a leading provider of sophisticated digital imaging products and software, instrumentation, aerospace and defense electronics, and engineered systems. Teledyne’s operations are primarily located in the United States, Canada, the United Kingdom, and Western and Northern Europe. For more information, visit Teledyne’s website at www.teledyne.com.
Forward-Looking Statements Cautionary Notice
This press release contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995, relating to an acquisition of a company. Actual results could differ materially from these forward-looking statements. Many factors, as well as market and economic conditions beyond either company’s control, could change anticipated results. There are additional risks associated with operating businesses internationally, including those arising from United States and foreign government policy and regulatory changes or actions and exchange rate fluctuations.
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