Lockheed Martin buys Savi Technology
Lockheed Martin Corp. has acquired a radio-frequency identification company that sells its tracking technology to the Defense Department and other agencies.
Lockheed Martin Corp. has acquired a radio-frequency identification company that sells its tracking technology to the Defense Department and other agencies. Terms of the deal were not disclosed.
Savi Technology of Sunnyvale, Calif., will be acquired by Bethesda, Md.-based Lockheed Martin.
Savi develops logistics solutions that track in-transit asset shipments in a secure manner. Its line of hardware and software products have been implemented by the DOD, international defense agencies, civil agencies and commercial enterprises to monitor cargo shipments globally.
Savi's products include active RFID asset tags, data-rich high-performance tags, sensor tags that monitor security and environmental conditions and related fixed and mobile readers. The company's integrated site and enterprise software products provide a solution for tracking shipments worldwide. The company has about 300 employees.
The acquisition is expected to close in the second quarter. At that point, Savi will become a wholly owned subsidiary of Lockheed Martin under Lockheed Martin Integrated Systems and Solutions of Gaithersburg, Md.
In February, the Army expanded an existing RFID contract with Savi by more than $200 million. The contract, which is now worth $424.5 million, runs through Jan. 31, 2008.
The change was needed to continue the supply of RFID tags and related supplies and services to support Operation Iraqi Freedom, the Army said.
Lockheed Martin of Bethesda, Md., which has about 135,000 employees worldwide and had annual sales of about $37.2 billion in fiscal 2005, ranks No. 1 on Washington Technology's 2005 Top 100 list of federal IT prime contractors. The 2006 Top 100 list will be released May 15.