Halifax-based marine technology company Xeos Technologies has been acquired by Spanish marine communications company Satlink.
Financial terms of the deal were not disclosed. Satlink said the transaction will expand its presence in North America with the opening of a new office in Canada, noting that Zeos’ founders and management are reinvesting in Satlink as part of the transaction.
Derek Inglis, co-founder and president of Xeos, said in a statement that the deal will allow Xeos to expand its presence internationally and “expand” its current product portfolio. BetaKit asked Xeos for additional comment.
Satlink said the transaction will increase its presence in North America with the opening of a new office in Canada.
“We are very excited to integrate Xeos and welcome a team that shares the same vision for the future: continuous innovation, a commitment to quality, and advancing ocean knowledge and sustainability through technology. ” said Faustino Velasco, Founder and Chairman of Satlink. statement.
Founded in 2004 by Inglis and CTO Gareth Hoar, Xeos manufactures telemetry and data collection products that help track, monitor and control assets operating in harsh marine environments, including buoys, vehicles and moorings. Masu. The company’s products include underwater GPS beacons, data relays, wave height sensors, and water quality sensors.
The company says it has more than 600 customers and distributes its products all over the world.
Atlantic Canada has been named No. 10 on Startup Genome’s 2022 list of “World’s Best Blue Ecosystems”, ranking the top cities and regions for ocean technology startups. The report ranks ecosystems in seven categories: performance, funding, startup experience, knowledge, talent, focus, and legacy.
Related: Report: Atlantic Canada has the 10th strongest blue economy startup ecosystem in the world
Canada’s Ocean Supercluster continued its support in November 2023, distributing a portion of $20 million to AI-based ocean projects based in Nova Scotia and Newfoundland.
Founded by Velasco in 1992, Satlink provides marine technology solutions such as echo sounders for fishing vessels, ship monitoring systems and satellite communications. Satlink is focused on the sustainable management of marine resources and says its customers include governments, maritime regulators and fisheries.
“We are excited to join a group that not only shares our vision for ocean sustainability, but also demonstrates a true commitment to ocean technology,” Jeff McIntyre, vice president and general manager of Xeos, said in a statement. Stated. “We believe that the combination of our companies will significantly improve our ability to serve our customers with world-leading technology and services.”
Satlink was acquired by Luxembourg-based private equity firm Ergon Capital from its previous owner Artá Capital in January 2022. Terms of the deal were also not disclosed, but similar to Satlink’s acquisition of Xeos, Velasco reinvested in Satlink through that acquisition.
Feature image courtesy of Xeos Technologies linkedin.