Gryphon CEO P.J. Braden said in a statement published Tuesday the acquisition provides the company a capability to develop novel cybersecurity platforms focused on shipboard machinery control systems.
Founded in 2003, PGFM supports shipbuilding and modernization initiatives of the Navy and Coast Guard by providing engineering and cybersecurity assessment tools and services for navigation, machinery control systems, electromagnetic compatibility and integrated bridge systems.
"Partnering with Gryphon will afford us the opportunity to pursue new technology and business opportunities, which we truly enjoy, based on our broader combined capabilities,” said Pete Mauro, founder and CEO of PGFM.
Berkeley Research Group and Akerman LLP respectively served as financial and legal advisers to Gryphon in the transaction. Lauletta Birnbaum acted as PGFM’s legal adviser and Haefele, Flanagan & Co. advised the firm on the deal’s financial aspect.
The transaction came nearly four months after Gryphon acquired engineering and technical services provider Schafer from Belcan.