General Electric (NYSE: GE) has agreed to sell its embedded technology and systems business to Veritas Capital for an undisclosed amount.Veritas said Tuesday it expects to complete the acquisition in the fourth quarter of 2015 and will rename and make the Huntsville, Alabama-based business an independent company after the deal closes.
The business supplies rugged electronics designed to update data, communication, analytics and sensor processing equipment for aerospace, defense and industrial use.
Hugh Evans, a Veritas managing director, said the investment firm aims to help grow GE’s embedded systems portfolio as more clients implement technology modernization, “smarter” procurement and interoperability efforts.
Bernie Anger will continue to oversee the portfolio in addition to his current role as general manager of GE’s intelligent platforms unit.
