3e Technologies in Ultra deal

UK defence technology company Ultra Electronics has agreed to acquire the US wireless network security business 3e Technologies for up to £20 million.

An initial payment of $30 million will be followed by a deferred sum of up to $1 million by 2014.

The deal follows Ultra’s recent acquisition of the US fuel cell company Adaptive Materials for up to $28 million.

Rakesh Sharma, COO of Ultra, comments: ‘The acquisition of 3eTI adds its differentiated range of solutions to Ultra’s portfolio of specialist capabilities related to secure networking, communication and cyber security.’

3eTI designs and produces military grade wireless network devices and security software for government and commercial markets. The Maryland-based company has protected intellectual property including 17 patents and 13 trademarks. 3eTI has 65 employees and in 2009 declared a turnover of $29.1 million.

Middlesex-based Ultra Electronics produces electronic devices and instrumentation for companies in the defence and energy industries, and its current customers include BAE Systems and Boeing.

Nick Britton

Nick Britton

Nick was the Managing Editor for growthbusiness.co.uk when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary...

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