ITT Corp. [ITT] said on Friday that it has agreed to acquire the business operations of EchoStorm Worldwide, a provider of video and data management technology for military, government and commercial customers, giving it new capabilities for its geospatial intelligence business.
Terms of the deal were not disclosed. ITT said the deal is expected to close early next year and would not be material to its sales or earnings per share in 2011.
EchoStorm, which is based in Virginia, provides secure, net-centric product that enables users to capture, manage, and disseminate full-motion video in near-real-time and addresses issues involved with system interoperability and bandwidth. The company’s products provide ITT another tool for its portfolio in the growing airborne intelligence, reconnaissance and surveillance market.
“Adding EchoStorm’s employees and their robust customer relationships to our business will reinforce our already strong position in the airborne intelligence, surveillance and reconnaissance market,” Chris Young, president of ITT Geospatial Systems, said in a statement. “Their web-based software application for providing full-motion video over a secure, password-protected network meshes well with our imagery technology, providing ITT innovative solutions for our military customers and new opportunities in the security, healthcare and entertainment markets.”
ITT said that EchoStorm’s business assets will be integrated into ITT Geospatial Systems’ Night Vision and Imaging business area.
EchoStorm’s financial adviser on the deal was KippsDeSantos & Co.