Author: Mary-Louise Hoffman|| Date Published: October 3, 2019
Steve Wadey
QinetiQ has agreed to buy Lorton, Va.-based sensor provider Manufacturing Techniques for approximately $105M in a push to establish a global defense and security company.
The deal, which is subject to legal and regulatory approvals, involves an additional $20M in cash and stock payments contingent on financial performance over a three-year period, QinetiQ said Wednesday.
MTEQ manufactures sensing platforms and integrate outputs from sensors designed to help the warfighter obtain information when performing missions in the battlespace. The business reported roughly $35.4M in 2018 gross assets and $167.4M in revenue for the 12 months ending Aug. 31.
Steve Wadey, CEO of QinetiQ, said the company aims to more than double the size of its operations in the U.S. market.
Wadey added that MTEQ works to apply sensing technology to provide information and intelligence for warfare missions.
QinetiQ has a subsidiary that offers products and services to the North American market in areas such as soldier and vehicle protection, maritime, meteorological and utility monitoring sensor and unmanned systems.
The U.S. Army selected QinetiQ NA for a potential $152M initial contract to build small unmanned ground robots as part of the service branch’s Common Robotic System“Individual program.
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