THOUSAND OAKS, Calif. and Fredericton, NB, Canada – April 8, 2016 – Teledyne Technologies Incorporated (NYSE:TDY) (“Teledyne”) and CARIS jointly announced today that the CARIS business and its international affiliates (collectively, “CARIS”) have agreed to be acquired by a wholly-owned subsidiary of Teledyne. CARIS, headquartered in Fredericton, New Brunswick, is the leading developer of geospatial software designed for the hydrographic and marine community. Terms of the transaction were not disclosed. The closing of the transaction, which is subject to customary conditions, is anticipated to occur in the second quarter of 2016.
Founded in 1979, CARIS pioneered software for processing and visualizing sonar data, as well as for producing, managing and distributing marine geospatial information. Today, CARIS offers the most comprehensive solution for bathymetry, seafloor imagery and water column data processing, capable of handling multiple types of sonar and LIDAR sensors simultaneously. CARIS also develops a complete suite of paper and electronic navigational chart production and management software. Approximately 90% of the world’s hydrographic offices use CARIS in their workflow.
“By providing powerful data processing, mapping and geospatial imaging software, CARIS ideally complements both our marine instrumentation and digital imaging businesses,” said Robert Mehrabian, Chairman, President and Chief Executive Officer of Teledyne. “CARIS immediately extends our marine capabilities, advancing the delivery of imaging and information from Teledyne’s broad portfolio of marine sensors and systems. Furthermore, we believe that CARIS will help Teledyne further improve our software and real-time processing tools across our sonar and bathymetric and topographic LIDAR businesses.”
“The combination of CARIS with Teledyne is a positive development for the company’s owners, employees, and customers,” said Dr. Salem Masry, C.M., Founder, President and Chief Executive Officer of CARIS. “I am pleased to see CARIS continue its name and operations, including its presence in Fredericton, the Netherlands, the U.S., the U.K. and Australia, while offering employees additional opportunities for collaboration and advancement across Teledyne.”
While it will complement Teledyne’s marine instrumentation companies and Teledyne PDS, CARIS will become part of Teledyne’s Digital Imaging segment. CARIS will maintain and expand its advanced software solutions and support for a wide range of sensor platforms, data formats and acquisition software across the industry.
About Teledyne Technologies
Teledyne Technologies is a leading provider of sophisticated instrumentation, digital imaging products and software, aerospace and defense electronics, and engineered systems. Teledyne Technologies’ operations are primarily located in the United States, Canada, the United Kingdom, and Western and Northern Europe. For more information, visit Teledyne Technologies’ website at www.teledyne.com.
For 35 years, CARIS has been the leading developer of marine mapping software. CARIS offers a highly effective solution for processing and robust quality control of sonar data and the creation and distribution of maps, charts, and, digital datasets. The CARIS Ping-To-Chart™ software is designed to deliver an integrated and seamless solution for the entire workflow of hydrographic information. CARIS offers a comprehensive level of support with training sessions, consulting, and a series of courses as well as technical support via online services, multilingual telephone support, and email.
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 a potential acquisition of a company. Actual results could differ materially from these forward-looking statements. Many factors, including the ability of Teledyne and CARIS to achieve anticipated synergies and obtain regulatory approvals for the transaction, as well as market and economic conditions beyond either company’s control, could change anticipated results. There are additional risks associated with investing in businesses internationally, including those arising from United States and foreign government policy and regulatory changes or actions and exchange rate fluctuations.