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Kraken Robotics Expands U.S. Footprint with Acquisition of 3D at Depth
ST. JOHN'S, Newfoundland and Labrador, March 13, 2025 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (&...
About this update from Kraken Robotics Inc
[{"type":"text","content":"Kraken Robotics Expands U.S. Footprint with Acquisition of 3D at DepthA Leader in Underwater LiDAR Services, 3D at Depth Brings Expertise and Strong Customer Relationships\n\n\n\n ST. JOHN'S, Newfoundland and Labrador, March 13, 2025 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (“Kraken” or the “Company”) (TSX-V: PNG, OTCQB: KRKNF) announces that, through a subsidiary, it has signed a definitive agreement and plan of merger (the “\n \n Agreement\n \n ”) to acquire 100% of the shares of 3D at Depth, Inc. (“\n \n 3D at Depth\n \n ”), a leading American subsea technology and services company specializing in high resolution LiDAR imaging and measurements. Under the terms of the Agreement, Kraken will indirectly acquire 3D at Depth for US$17 million in cash subject to adjustment for, among other things, any debt indirectly assumed or paid out on closing and to customary working capital adjustments (the “\n \n Transaction\n \n ”). The Transaction remains subject to customary closing conditions, including, without limitation, consent of Kraken’s primary lender and is expected to close on or about April 1, 2025. Transaction details are provided below.\n \n\n\n\n 3D at Depth Background\n \n\n\n\n With a 15-year track record, 3D at Depth’s headquarters and production facility are based in Longmont, Colorado with offshore service operations based out of Houston, Texas, and satellite offices in Norwich and Aberdeen, UK. 3D at Depth employs 56 people and provides underwater LiDAR technology and services resulting in comprehensive, accurate data to enable informed decision making on underwater assets and infrastructure in a cost-effective, low risk manner. The company’s services are driven by its in-house, patented underwater LiDAR technology. 3D at Depth has grown revenue at a 20% CAGR over the last three years and reported 2024 unaudited US GAAP revenues of US$14 million, gross profit of US$8.4 million (60%), and US$1.1 million of Operating Income. Over the last three years, 3D at Depth has seen average project value increase by over 45% as demand for its subsea LiDAR technology is driven by customer needs for higher accuracy, enhanced data resolution, and insights for the safe and cost-effective management of underwater assets and infrastructure.\n \n\n\...