Victoria’s Ping DSP has been acquired by NORBIT

September 5, 2023

A survey of an abandoned, submerged lock using the #DSS Sonar System.

VICTORIANORBIT announced the acquisition of the Canadian maritime technology company PING DSP. The acquisition will broaden the product offering in the NORBIT’s Oceans segment.

“With the target company having developed an Interferometric Side Scan Sonar technology, complementary to NORBIT’s current portfolio, this acquisition supports our strategy to broaden product offering in the Oceans domain by capitalizing on our global sales and distribution platform”, says Per Jørgen Weisethaunet, CEO of NORBIT.

The target company is valued at USD 3.24 million on a cash and debt-free basis. The acquisition is to be financed 70 per cent by cash and 30 per cent as a private placement to the sellers of the target company (consideration shares).

Closing is expected to take place end of September.

NORBIT is a global provider of tailored technology to selected applications. The company is structured in three business segments to address its key markets: Oceans, Connectivity and Product Innovation & Realization with the Oceans segment delivering tailored technology solutions to global maritime markets.

NORBIT is headquartered in Trondheim with manufacturing in Europe, has around 450 employees, and a worldwide sales and distribution platform.

Ping Digital Signal Processing Inc (Ping DSP) was founded to develop leading edge sonar technology for mapping, imaging, and exploring the underwater environment. They provide affordable, high-resolution underwater imaging and mapping.

They have a range of products including the 3DSS™, a ground-breaking sonar that provides extended range coherent side scan, IHO Exclusive Order swath bathymetry, and stunning 3D point clouds2. Ping DSP is located in Saanich, BC.

Business Examiner Submitted/Staff

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