NV5 Signs Definitive Agreement to Acquire Subscription-Based Geospatial Data Analytics Software Business from L3Harris
December 22 2022 - 8:00AM
NV5 Global, Inc. (the “Company” or “NV5”) (Nasdaq:
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.”
About NV5NV5 Global, Inc. (NASDAQ: 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.
Forward-Looking StatementsThis 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.Jack CochranVice President, Marketing &
Investor RelationsTel:
+1-954-637-8048Email: ir@nv5.com
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