Teledyne Acquires ChartWorld International
Fareham, UK - Teledyne Technologies Incorporated (NYSE:TDY) ("Teledyne") announced today that it has acquired ChartWorld International Limited and affiliates ("ChartWorld"). ChartWorld is a leading provider in digital marine navigation hardware and software provided through an affordable subscription-based model. The company has 2 different brands, ChartWorld and SevenCs. ChartWorld deliver Electronic Chart Display and Information Systems (ECDIS) and other software and services to commercial marine and cruise clients. SevenCs has a long and proud history of participation in the development of standards regarding electronic maritime chart display. Today, SevenCs continues to provide ENC production and distribution software, as well as software development kits for the display of ENCs to other navigation system OEMs.
“ChartWorld’s maritime navigation software and hardware tools bridge a product and technology gap between our Teledyne Marine and Raymarine businesses,” said Robert Mehrabian, Chairman, President, and Chief Executive Officer. “Furthermore, the acquisition adds to our software capabilities and recurring revenue, while expanding our customer base to include commercial Safety of Life at Sea (SOLAS) class vessels and their commercial fleet operators. We are pleased to have now completed our second acquisition for the Teledyne FLIR and Raymarine organizations in the last six months.”
Commenting on the news of the ChartWorld acquisition, Raymarine Vice President and General Manager Grégoire Outters said, “We are excited to welcome ChartWorld on board with Teledyne and Raymarine. ChartWorld brings its vast expertise in marine charts and ECDIS that will benefit our customers. Furthermore, this acquisition is a testimony to Teledyne’s investment in our Raymarine and FLIR Maritime brands.”
Steven Schootbrugge CEO of ChartWorld said “We were impressed with the approach from Teledyne from the beginning and are confident the complementary product lines, technology, and vision will be fantastic for the ChartWorld and SevenCs brands. Beyond this, I am genuinely excited for our people, who I believe, will have ample opportunity for growth and development inside the Teledyne group.”
Learn more about ChartWorld on their website. www.chartworld.com
The full Teledyne Technologies press release can be viewed here