Viasat Inc. (NASDAQ: VSAT), a global communications company, today announced it acquired Horsebridge Defence and Security, a UK-based company focused on design, system integration and support of deployable secure networks.
Through this acquisition the Viasat UK group gains deeper military communications integration expertise; enabling the Company to continue to grow its business in the UK defence market by delivering mission-critical ground-based communication networks and services.
From their UK-base in Cheltenham, Horsebridge Defence and Security have developed robust relationships with the UK Armed Forces, supporting a number of UK Ministry of Defence (MOD) programmes.
“By acquiring Horsebridge Defence and Security, we hope to accelerate the trajectory of our ability to support UK defence operations,” said Ken Peterman, president, Government Systems, Viasat. “Viasat builds best-of-breed technology solutions that leverage commercial innovation; and by combining our strengths with the deep domain expertise of the Horsebridge Defence and Security team, we intend to reliably extend commercial, military or emergency service networks to the tactical mobile edge.”
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The Horsebridge Defence and Security team will be integrated into Viasat’s already established and growing Farnborough, UK-based organization. They will have immediate access to Viasat’s full communications portfolio from the Company’s most advanced satellite communication (SATCOM) and Link 16 mobile networking solutions to its innovative cybersecurity and information assurance capabilities.
“Viasat is a strong match for the Horsebridge Defence and Security team; we are aligned both culturally and in our technical vision for how to bring secure ground networks to UK MOD and adjacent markets,” said Martin Flather, director, Horsebridge Defence and Security. “Having access to Viasat’s broad portfolio of technologies and capabilities will enable us to create new secure communications and mobility platforms that leverage high-capacity mobile networks with assured availability—with accredited secure voice, video and messaging services—whenever and wherever military forces require it in the UK or overseas.”
Horsebridge Defence and Security develops and integrates technologies under its Kestrel II-branded services portfolio. The Kestrel brand has a strong reputation with MOD through successful delivery of a high-capacity ground network for a specific operational mission. The Kestrel II portfolio offers a range of complementary secure network products, solutions and services that are specifically targeted at today’s UK Defence requirements and are continuously integrated and continuously developed (CI/CD) to stay at the forefront of technology.
Financial details of the transaction are not being disclosed. The transaction is not expected to materially affect Viasat non-GAAP (pro forma) earnings for fiscal year 2019. However, Viasat has not completed its valuation analysis and, accordingly, has not determined the impact to GAAP earnings.
About Horsebridge Defence and Security
Horsebridge Defence and Security are UK-based experts in the design, system integration and support of deployable secure networks. The team’s extensive knowledge and experience of military requirements and operating environments coupled with their access to the most innovative commercial technologies allow them to deliver mission-critical ground based communication networks and services.
This press release contains forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. Forward looking statements include among others, statements that refer to the benefits of and realization of synergies from the Horsebridge Defence and Security acquisition, including expected resulting enhancements to Viasat’s military communications systems and services; integration activities; the anticipated value of the combined business to customers and partners; the expected performance of Horsebridge Defence and Security’s technology integration expertise; expected impact of the acquisition on Viasat’s results of operations and financial condition; anticipated growth and trends in the business or key markets of Viasat, Horsebridge Defence and Security and the combined company; and plans, objectives and strategies for future operations. Readers are cautioned that actual results could differ materially from those expressed in any forward-looking statements.
Factors that could cause actual results to differ include: the ability of Viasat to successfully integrate Horsebridge Defence and Security operations, technologies and employees; the ability to realize anticipated benefits and synergies of the acquisition, including the expectation of enhancements to Viasat’s products and services, greater revenue opportunities, operating efficiencies, and cost savings; the ability to ensure continued performance and market growth of Horsebridge Defence and Security’s business; changes in the global business environment and economic conditions; the availability and cost of credit; the ability to successfully develop, introduce, and sell new products and enhancements; changes in relationships with key customers, suppliers, distributors, resellers, and others as a result of the acquisition; and other factors affecting the communications and defense industries, generally. In addition, please refer to the risk factors contained in Viasat’s SEC filings available at www.sec.gov, including Viasat’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. Viasat undertakes no obligation to update or revise any forward-looking statements for any reason.