Halifax-based ocean technology company Xeos Technologies has been acquired by Spanish marine telecommunications firm Satlink.
The financial terms of the deal were not disclosed. Satlink said the transaction will increase its presence in North America with a new Canadian office, noting that Xeos’ founders and management are reinvesting into Satlink as part of the deal.
Xeos co-founder and president Derek Inglis said in a statement that the transaction will allow Xeos to expand its presence internationally and “amplify” its current product portfolio. BetaKit has reached out to Xeos for additional comment.
Satlink said the transaction will increase its presence in North America with a new Canadian office.
“We are very excited to integrate Xeos and welcome the team onboard, with whom we share the same vision for the future: relentless innovation, commitment to quality, and improving ocean knowledge and sustainability through technology,” Satlink founder and chairman Faustino Velasco said in a statement.
Founded in 2004 by Inglis and CTO Gareth Hoar, Xeos manufactures telemetry and data collection products that help track, monitor, and control assets that operate in harsh maritime environments, such as buoys, vehicles, and moorings. Its products include submersible GPS beacons, data relays, wave height sensors, and water quality sensors.
The company says it has more than 600 customers and distributes its products internationally.
Atlantic Canada was named the 10th best “blue ecosystem in the world” on Startup Genome’s 2022 list ranking the top cities and regions for ocean tech startups. The report ranked ecosystems on seven categories: performance, funding, startup experience, knowledge, talent, focus, and legacy.
RELATED: Report: Atlantic Canada 10th strongest blue economy startup ecosystem globally
Canada’s Ocean Supercluster continued that support in November 2023 when it distributed a portion of a $20-million sum dedicated to AI-based ocean projects based out of Nova Scotia and Newfoundland.
Satlink, founded in 1992 by Velasco, provides marine tech solutions such as echo sounders for fishing boats, vessel monitoring systems, and satellite communications. Satlink says it focuses on the sustainable management of ocean resources, counting governments, maritime regulators, and fisheries among its 7,500 clients.
“We are pleased to join a group that not only shares our vision for the sustainability of the oceans but also demonstrates a genuine commitment to maritime technology,” Xeos vice president and general manager Geoff MacIntyre said in a statement. “We believe that the combination of our two companies will significantly enhance our ability to serve our clients with world-leading technology and service.”
Satlink was acquired by Luxembourg-based private equity firm Ergon Capital from its previous owner, Artá Capital, in January 2022. The terms of that deal were also not disclosed, but much like Satlink’s acquisition of Xeos, Velasco reinvested in Satlink through its acquisition.
Feature image courtesy Xeos Technologies via LinkedIn.
