NV5 Global (Nasdaq: NVEE) has agreed to acquire the commercial geospatial technology and software business of L3Harris Technologies (NYSE: LHX).
The all-cash transaction for L3Harris’ Visual Information Solutions business is expected to close in the first half of 2023, pending regulatory approvals, NV5 said Thursday.
Established in 1977, VIS has approximately 150 employees and provides software applications and analytics-as-a-service offerings that the Department of Defense and federal civilian agencies use to analyze hyperspectral and satellite-based radar data.
Florida-based NV5 – which provides technology, conformity assessment and consulting support to customers in public and private sectors – will acquire 16 U.S. patents of VIS for geospatial data analysis, real-time weather monitoring, imaging and situational awareness and trademarks for software applications such as ENVI, Helios, Amplify, IDL and Jagwire.
Dickerson Wright, chairman and CEO of NV5, said the transaction will strengthen its presence in the geospatial data market and expand its portfolio of subscription-based geospatial applications.
“We anticipate enhanced cross-selling opportunities between the business and our current NV5 platform in 2023,” added Wright.
Florida-based NV5 provides technology, conformity assessment and consulting support to customers in public and private sectors.
L3Harris said it expects to receive a benefit of up to $100 million from the divestiture, which is in line with the company’s strategy to advance portfolio optimization and align long-term investments for whole-off-government multidomain platforms and national security priorities.
News on the pending VIS sale came days after L3Harris struck a $4.7 billion cash deal to acquire Aerojet Rocketdyne (NYSE: AJRD) and received regulatory approvals to advance its purchase of Viasat’s (Nasdaq: VSAT) tactical data link portfolio, Link 16.