Kraken Robotics to Acquire PanGeo

Kraken Robotics signed a definitive share purchase agreement whereby Kraken Robotics Systems Inc., a wholly-owned subsidiary of Kraken, will acquire all of the issued share capital of PGH Capital Inc., which operates its business through its subsidiaries, PanGeo Subsea Inc. and PanGeo Subsea Scotland Limited. PanGeo is a private Canadian services company specializing in high-resolution 3D acoustic imaging solutions for the sub-seabed with offices in St. John’s, Newfoundland and Aberdeen, United Kingdom. PanGeo’s assets consist primarily of human capital, know-how and equipment comprised mostly of sub bottom imaging units and acoustic imaging units that are used to provide sub-seabed survey services.

According to Kraken, the completion of the PanGeo transaction will accelerate its vertical move into the provision of offshore survey and inspection services using Kraken technology as part of a robotics/data as a service business model. The PanGeo Transaction will also increase Kraken’s exposure to the non-defense market, including the offshore renewable energy market (PanGeo’s largest market) which will help to diversify its client base. Following closing of the PanGeo Transaction, Kraken will be able to offer a holistic solution of world-leading technologies and services in subsea acoustic and optical imaging using Kraken’s suite of ultra-high resolution seabed 3D acoustic imaging sensors, autonomous robotics, and optical laser scanning paired with PanGeo’s suite of leading-edge sub-seabed high-resolution 3D acoustic imaging capabilities.

The aggregate purchase price for PanGeo is up to $23 million.