TRONDHEIM, NORWAY: NORBIT announced an add-on acquisition of the Canadian maritime technology company PING DSP. The acquisition will broaden the product offering in the Oceans segment.

“With the target company having developed an Interferometric Side Scan Sonar technology, complementary to NORBIT’s current portfolio, this acquisition supports our strategy to broaden product offering in the Oceans domain by capitalizing on our global sales and distribution platform”, says Per Jørgen Weisethaunet, CEO of NORBIT.

The target company is valued at USD 3.24 million on a cash and debt-free basis. The acquisition is to be financed 70 per cent by cash and 30 per cent as a private placement to the sellers of the target company (consideration shares). Closing is expected to take place end of September.