ITT makes geospatial play with acquisition
By
Nick Wakeman
Decision to buy EchoStorm will enhance ITT's geospatial spatial portfolio with more real-time video capabilities.
ITT Corp. plans to buy EchoStorm Worldwide in a deal to bolster its geospatial portfolio.
EchoStorm delivers video and data management technology to the military, government and commercial customers. Its products let users capture, manage and disseminate full-motion video in near real time, ITT said in a statement. The products also help deal with system interoperability and bandwidth.
The addition fo EchoStorm will help ITT with its airborne intelligence, surveillance and reconnaissance customers, said Chris Young, president ITT Geospatial Systems.
Terms of the deal were not disclosed. The acquisition is expected to be completed by early 2011. The investment bank KippsDeSanto served as an advisor to EchoStorm.
EchoStorm will become part of ITT Geospatial Systems’s night vision and imaging business areas.
ITT of White Plains, N.Y., is ranked No. 14 on Washington Technology’s 2010 Top 100 list of the largest government contractors.
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