HOLLYWOOD, Fla., Dec. 22, 2022 (GLOBE NEWSWIRE) -- NV5 Global, Inc. (the "Company" or "NV5") NVEE, a provider of technology, conformity assessment, and consulting solutions, announced today that it has entered into a definitive purchase agreement to acquire L3Harris Technologies, Inc.'s Visual Information Solutions commercial geospatial technology and software business ("VIS"). The acquisition expands NV5's position as a leading provider of subscription-based software products for the analysis and management of geospatial data. The acquisition is an all-cash transaction and will be immediately accretive to NV5's earnings. Closing is subject to regulatory approvals and is currently anticipated to occur during the first half of 2023.
VIS was founded in 1977, and the 150-employee business provides mission-critical, commercial geospatial solutions through proprietary software applications such as ENVI and SARscape, the world's leading software platforms for analyzing hyperspectral and satellite-based radar data. Through this transaction, NV5 will acquire 16 U.S. Patents for geospatial data analysis, imaging, real-time weather monitoring, and situational awareness. NV5 will also acquire the trademarks for ENVI, IDL, Jagwire, Amplify, and Helios software applications, including 13 U.S. and non-U.S. Trademark Registrations.
The acquired proprietary software applications and Analytics as a Service (AaaS) solutions are routinely relied upon by the United States Department of Defense as well as federal civilian agencies, including NASA, NOAA, and the USGS. The proprietary software applications are compatible with over 200 LiDAR, imaging, and satellite data types and support approximately 500,000 global users.
"This acquisition solidifies our position as the nation's premiere provider of geospatial data solutions and expands NV5's suite of subscription-based, commercial geospatial software applications," said Dickerson Wright, PE, Chairman & CEO of NV5. "The business aligns well with NV5's existing geospatial sector focus. A significant majority of the acquired business' revenue is derived from sectors that are historically not impacted by interest rate fluctuations, such as public-sector environmental and defense, utilities, energy, infrastructure, and healthcare. We have already identified significant synergies, and our geospatial group is currently using the software applications. We anticipate enhanced cross-selling opportunities between the business and our current NV5 platform in 2023."
NV5 Global, Inc. NVEE is a provider of technology, conformity assessment, and consulting solutions for public and private sector clients supporting sustainable infrastructure, utility, and building assets and systems. The Company focuses on multiple verticals: testing, inspection & consulting, infrastructure engineering, utility services, buildings & owner representation, environmental health sciences, and geospatial technology services to deliver innovative, sustainable solutions to complex issues and improve lives in our communities. NV5 operates out of more than 100 offices nationwide and abroad. For additional information, please visit the Company's website at www.NV5.com. Also visit the Company on LinkedIn, Twitter, Facebook, and Instagram.
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained in this news release. Such factors include: (a) changes in demand from the local and state government and private clients that we serve; (b) general economic conditions, nationally and globally, and their effect on the market for our services; (c) competitive pressures and trends in our industry and our ability to successfully compete with our competitors; (d) changes in laws, regulations, or policies; and (e) the "Risk Factors" set forth in the Company's most recent SEC filings. All forward-looking statements are based on information available to the Company on the date hereof, and the Company assumes no obligation to update such statements, except as required by law.
Investor Relations Contact
NV5 Global, Inc.
Vice President, Marketing & Investor Relations
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.