Teledyne Technologies Inc. added to its digital imaging segment with the acquisition of a Canadian company that develops marine mapping software, the company announced Friday.
Terms of the deal between Teledyne, in Thousand Oaks, and Caris, in Fredericton, New Brunswick, were not disclosed. Closing of the transaction is expected during the second quarter.
Caris, founded in 1979, develops software used in bathymetry, seafloor imagery and water column data processing.
Teledyne Chief Executive Robert Mehrabian said the Caris software complements the company’s marine instrumentation and digital imaging businesses.
“Caris immediately extends our marine capabilities, advancing the delivery of imaging and information from Teledyne’s broad portfolio of marine sensors and systems,” Mehrabian said in a prepared statement.
Caris will continue its operations as part of Teledyne’s digital imaging business segment.
Shares closed down 3 cents, or a fraction of one percent, to $87.10 on the New York Stock Exchange.