ITT Signs Agreement to Purchase Bus. Operations Of EchoStorm Worldwide; Deal Expands ITT’s Geospatial Intelligence Portfolio
December 03 2010 - 9:00AM
Business Wire
ITT Corporation (NYSE: ITT) today has announced its agreement to
purchase the business operations of EchoStorm Worldwide. The
privately held EchoStorm delivers innovative video and data
management technology for military, government, and commercial
applications. EchoStorm, founded in 2003, provides a suite of
secure, net-centric commercial products that enables users to
capture, manage, and disseminate full-motion video in near real
time, as well as address the common issues involved with system
interoperability and bandwidth.
“Adding EchoStorm’s employees and their robust customer
relationships to our business will reinforce our already strong
position in the airborne intelligence, surveillance and
reconnaissance market,” said Chris Young, president of ITT
Geospatial Systems. “Their web-based software application for
providing full-motion video over a secure, password-protected
network meshes well with our imagery technology, providing ITT
innovative solutions for our military customers and new
opportunities in the security, healthcare and entertainment
markets.”
The transaction is expected to close by early 2011 and is not
expected to materially impact ITT’s sales or earnings per share for
2010 or 2011. Terms of the deal were not disclosed.
EchoStorm’s business assets will be integrated into ITT
Geospatial Systems’ Night Vision & Imaging business area, where
EchoStorm’s operationally proven software technology products
including adLIB, Convene, FunnelCloud, MDAR and ISRIS, as well as a
majority of its employees will become key additions to the
Geospatial Information Solutions business segment.
About ITT Geospatial Systems
ITT Geospatial Systems, headquartered in Rochester, N.Y., is a
global supplier of innovative night vision, remote sensing and
navigation solutions that provide sight and situational awareness
at the space, airborne, ground and soldier levels. ITT Geospatial
Systems solutions range from image and data capture to processing
and dissemination. Key applications include image intensification
and thermal imaging; advanced power supplies; multi-spectral image
systems; weather and climate monitoring; space science;
intelligence, surveillance and reconnaissance; GPS-based
positioning, navigation and timing systems; and image exploitation
software. Using our technologies, customers can move beyond mere
image acquisition to image interchange and true knowledge sharing.
www.geospatial.itt.com
About ITT Corporation
ITT Corporation is a high-technology engineering and
manufacturing company operating on all seven continents in three
vital markets: water and fluids management, global defense and
security, and motion and flow control. With a heritage of
innovation, ITT partners with its customers to deliver
extraordinary solutions that create more livable environments,
provide protection and safety and connect our world. Headquartered
in White Plains, N.Y., the company reported 2009 revenue of $10.9
billion. www.itt.com
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