Teledyne Technologies Inc. has acquired Chartworld International Ltd., a Cypriot company that provides maritime navigation software and hardware products.
Terms of the deal between Teledyne, in Thousand Oaks, and Chartworld, in Cyprus, were not disclosed.
Chartworld provides a subscription-based model to supply its maritime software and hardware to its customers, including electronic chart display and information systems, a lifetime warranty and global 24/7 support, according to a release from Teledyne.
The company also provides digital electronic navigational charts and other geospatial software and services, including digital route appraisal and voyage planning, as well as onshore software for fleet monitoring and risk assessment, the release said.
Robert Mehrabian, chief executive of Teledyne, said the acquisition of Chartworld bridges a product and technology gap between its Teledyne Marine and Raymarine businesses.
“Furthermore, the acquisition adds to our software capabilities and recurring revenue, while expanding our customer base to include commercial Safety of Life at Sea class vessels and their commercial fleet operators,” Mehrabian said in a statement.
Shares in Teledyne (TDY) closed up 86 cents, or a fraction of a percent, to 400.77 on the New York Stock Exchange, on a day when the Dow Jones closed down at a fraction of a percent.