MIDDLETOWN, RI – KVH Industries, Inc., (Nasdaq: KVHI) today announced that it has completed the $6.5 million all-cash acquisition of Virtek Communication AS. Norway-based Virtek specializes in the development and deployment of software known as “middleware” that helps commercial fleets and vessel owners manage the data transmitted to and from their vessels over different satellite communications services, such as KVH’s own mini-VSAT Broadband or Inmarsat FleetBroadband.
“In order to provide the highest quality maritime VSAT service available, we recognized that our end-to-end solution would be improved if we were able to optimize the data transmitted over the network while providing an array of versatile onboard applications specially designed to work well in the maritime environment,” says Martin Kits van Heyningen, KVH’s chief executive officer. “We spent more than a year evaluating all of the middleware solutions on the market and found Virtek offered exactly the types of advanced features that we wanted to provide our mini-VSAT Broadband customers. We are very pleased to have completed this acquisition so quickly and smoothly and now turn our efforts to seamlessly integrating Virtek’s powerful CommBox™ technology and industry expertise with our mini-VSAT Broadband solution, which has already become the fastest growing maritime VSAT service.”
About KVH Industries, Inc.
Middletown, RI-based KVH Industries, Inc., and its wholly owned subsidiaries are leading providers of in-motion satellite TV and communications systems, having designed, manufactured, and sold more than 150,000 mobile satellite antennas for applications on vessels, vehicles, and aircraft. KVH’s mission is to connect mobile customers around the globe with the same digital television entertainment, communications, and Internet services that they enjoy in their homes and offices.
This release may contain certain forward-looking statements that involve risks and uncertainties. Forward-looking statements include, for example, the functionality, characteristics, quality and performance of KVH’s products and technology; anticipated innovation and product development; and customer preferences, requirements and expectations. The actual results could differ materially. Factors that may cause such differences include, among others, the challenges and potential near-term costs associated with the acquisition and integration of a new company, as well as those discussed in KVH’s most recent Form 10-Q filed with the SEC. KVH does not assume any obligation to update its forward-looking statements to reflect new information or developments.
KVH, TracPhone, and CommBox are trademarks of KVH Industries, Inc. “mini-VSAT Broadband” is a service mark of KVH Industries, Inc. All other trademarks are the property of their respective companies.
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