Carmanah Technologies Corporation (TSX) has acquired EKTA-branded navigation assets owned by Cybernetica AS of Estonia, the company said.
The purchase price will be EUR1.35 million and will be paid by way of EUR1.0 million in cash on closing and EUR0.35 million on the first anniversary of closing.
Cybernetica develops and manufactures software solutions, light signaling and telematics products, maritime surveillance, and radio communications systems. Included within these are marine aids to navigation products that are marketed under the EKTA brand.
The transaction is expected to close in December 2016 and is subject to the satisfaction of certain closing conditions.
Carmanah Technologies Corporation designs, develops and distributes a portfolio of products focused on energy optimized LED solutions for infrastructure.
Cybernetica AS is an R&D intensive ICT company that researches, develops and manufactures mission-critical systems, light signaling and telematics products, maritime surveillance and radio communications systems.