KVH to Acquire Virtek Communications AS

Tuesday, September 14, 2010

KVH Industries, Inc., (Nasdaq: KVHI) and Virtek Communications AS announced that they have entered into an agreement for KVH to acquire the software company. Virtek specializes in the development and deployment of software known as “middleware” that helps commercial fleets and vessel owners manage the data transmitted to and from their vessels over different satellite communications services, such as KVH’s own mini-VSAT Broadbandsm or Inmarsat FleetBroadband.

“Virtek, its talented team of software engineers, and its proven middleware applications are an excellent fit with KVH and our rapidly expanding satellite communication business, most notably in the commercial marine market,” explained Martin Kits van Heyningen, KVH’s chief executive officer. “The capabilities offered by Virtek’s CommBox technology complement and expand the comprehensive satellite communication concept that is at the heart of the TracPhone V7 and mini-VSAT Broadband solution. The integration of this powerful middleware technology will strengthen our competitive position in the maritime broadband marketplace, enable us to offer a wide range of value-added functionality to customers, and provide a path to enhance the efficiency and versatility of our mini-VSAT Broadband data communications network.”

Founded in 2000, Norway-based Virtek has sold its CommBox system to more than 700 vessels owned by 50 different shipping companies primarily based in Scandinavia and Northern Europe. Currently, Virtek anticipates 2010 revenues to be in the range of $2 to $3m. The $6.5m all-cash acquisition is subject to normal closing procedures and adjustments and is expected to be concluded in the next few weeks.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Hanjin Shipping May Get OK for Restructuring

South Korea’s largest container operator by capacity Hanjin Shipping's creditors are expected to approve a corporate rehabilitation program for the struggling container line,

Allcargo Groups Subsidiaries as ECU Worldwide

ECU Line, Econocaribe and China Consolidators undergoes rebranding to build a Global Brand Connect   India’s integrated logistics solution provider Allcargo Logistics

Damen Opens US Office

Damen Shipyards Group has announced the opening of a new branch office in Houston, Texas. This expansion, under the name of Damen North America, meets the increasing

 
 
Maritime Contracts Maritime Security Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0681 sec (15 req/sec)