QinetiQ has completed the acquisition of sensing technology firm MTEQ to meet their goals of expansion.
The acquisition of MTEQ is expected to close in the second half of the 2020 financial year. MTEQ (Manufacturing Techniques Inc.) is a leading US-based provider of sensor technology and generated $167.4million in revenue in 2019.
MTEQ develops sensing technology including integrating outputs that provide operational advantage in modern battlespaces. The firm is renowned for how its innovation benefits all stages of use including development, design, low-volume production, analytics, and deployment.
Mary Williams, MTEC CEO and President, said: “We are excited to be joining QinetiQ, a company renowned for its technical expertise. The combined businesses will have a leading position in technologies that are critical to next generation warfighting capabilities, enabling us to offer solutions to evermore complex and challenging customer requirements.”
“Most importantly for me, QinetiQ and MTEQ share a common philosophy of partnership and collaboration with our customers, which will continue to be the foundation for our future success.”
MTEQ has a strong track record and further growth potential in an expanding sensors market. MTEQ say that QinetiQ’s capabilities in robotics, autonomy, lasers/LiDAR, AI/ML, and cybersecurity, coupled with MTEQ’s current capabilities in C5ISR sensors, integration and interoperability will allow both companies to support each other with international work.
QinetiQ announced that has entered into an agreement to acquire Manufacturing Techniques Inc. (MTEQ) on a cash-free, debt-free basis for $105 million to be paid in cash on completion and an earn-out of up to $20 million payable in cash and shares dependent on delivering stretching financial targets over three years. Following completion, the business will continue to be led by its existing management team.
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Post written by: Vicky Maggiani
Vicky has worked in media for over 20 years and has a wealth of experience in editing and creating copy for a variety of sectors.
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