StockMarketWire.com - Security and defence contractor QinetiQ said it had agreed to acquire advanced sensing solutions provider Manufacturing Techniques for up to $125m.

The purchase price included an upfront payment of $105m, plus an earn-out of up to $20m payable in cash and shares, dependent on delivering stretching financial targets over three years.

Manufacturing Techniques developed technology that provided an information advantage to the warfighter, QinetiQ said.

In the year through 31 August 2019,it generated $167.4m of revenue and $11.4m of Ebitda.

The company employed 360 people in Virginia and had strong customer relationships, particularly with the US Army, supporting a number of its modernisation priority programmes.

'The business develops next generation sensing solutions, including integrating outputs from multiple sensors, to provide information that enables operational advantage in the modern battlespace,' QinetiQ said.




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