Nauticus Robotics makes strategic acquisition
Nauticus Robotics is set to acquire 3D at Depth, a Colorado-based provider of subsea laser LiDAR (Light Detection and Range) inspection and data services.
The strategic acquisition is said to enhance Nauticus’ full spectrum of autonomous underwater maritime capabilities, including integrated sensor solutions and data collection and analysis, as well as expand market reach and increase the value and utilization of the company’s fleet assets.
“The future of subsea services lies in autonomy, data gathering, and analytics,” said Nicolaus Radford, Nauticus’ Founder and CEO. “LiDAR has long since been core to terrestrial autonomy and by adding 3D’s capabilities to the Nauticus Fleet, we enhance autonomous vehicles in the offshore market. This acquisition increases the value of Nauticus’ fleet services and positions the company to capitalize on data acquisition and analytics for subsea operations.”
Under the terms and subject to the conditions of the acquisition agreement, 3D at Depth security holders will receive approximately 9.9326 shares of Nauticus common stock for each share of common stock equivalent they own, for an aggregate equity value of approximately $34 million, before purchase price adjustments. Nauticus will also assume approximately $4.1 million of debt in the transaction.
The transaction is expected to close during the fourth quarter of this year. Upon closing, 3D at Depth will operate as a division of Nauticus.
The boards of both companies have unanimously approved the transaction, which is subject to customary closing conditions, including the approval of Nauticus’ and 3D’s respective stockholders.
Furthermore, Nauticus will assume 11 patents for underwater optical measurements and inspection, with an additional 19 pending.
“The Nauticus Robotics and 3D at Depth combination creates a compelling solution for the subsea market and should help improve our products and services for all our clients,” said Carl Embry, Founder and CEO of 3D at Depth. “We believe the integration of our unique subsea multi-dimensional data collection and processing with an emerging leader in subsea robotics creates a differentiated offering for customers seeking safer, cleaner, lower-cost subsea services.”