Defense and security company Saab AB's acquisition of the U.S. Company Sensis Corporation (Sensis), announced on 29 June 2011, is completed.
The acquisition creates a stronger foundation for growth in the North American market for the Saab Group.
Requisite reviews by the U.S. Trade Commission according to the antitrust laws as well as by the Committee on Foreign Investment in the United States (CFIUS) have been accomplished and the former Sensis Corporation has been renamed to Saab Sensis Corporation. The company will continue operations in theU.S.as a subsidiary within the Saab Group.
"This acquisition is in line with our ambition to focus on selected markets and grow our core business. Saab Sensis' offering and their strong local presence in the U.S. within radar and sensors and a world-leading position in the Air Traffic Management market is an excellent complement to our operations." Said Hakan Buskhe, President and CEO.
"In addition, we also see good potential to expand the company's existing product portfolio, leveraging other Saab technology such as our C4I solutions, to further increase our reach into the US defense market. As a result of the identified significant medium- to long-term operational synergies, as well as from a Sales and Marketing perspective, we believe the acquisition will be value enhancing."
Saab Sensis has a workforce of approximately 600 employees and services a global base of more than 60 customers located in more than 35 countries across 6 continents. Its customers include 54 of the world's 100 largest airports. The company generated revenues of about US$ 173 million in fiscal year July-June 2009/2010.