|
27 Nov 2007 | Ref. 372/2007
BAE Systems has entered into a definitive agreement to acquire the Swedish high-tech company Pitch Technologies AB (Pitch) for a cash consideration of 61.3 MSEK (about 4,360,000 pounds).
Acquisition will expand company's capabilities in training and simulation solutions. ¡°The BAE Systems acquisition of Pitch is an advantageous one for both companies given that the C-ITS primary product line includes military training and simulation, air traffic control simulators and advanced distributed learning platforms.¡± said Claes Erik Fr?lund, President of BAE Systems C-ITS business in Sweden.
The addition of Pitch to the BAE Systems family creates a world-class capability that will set a new standard for enterprise-level simulation interoperability and solutions for training and simulation. Staffan L?f, President and CEO of Pitch Technologies said, "Being a part of BAE Systems gives us an excellent position for further development of our innovative products and technologies. It opens up new markets and key accounts worldwide.
About BAE Systems
BAE Systems is the premier global defense and aerospace company delivering a full range of products and services for air, land and naval forces, as well as advanced electronics, information technology solutions and customer support services. With 96,000 employees worldwide, BAE Systems' sales exceeded ¡ê15 billion (US $27 billion) in 2006*. In Sweden, there are 3 subcompanies of BAE System AB with a population of 2000 and a turnover of 4,500MSEK (about 32million pounds)
About Pitch Technologies
Founded in 1991 and headquartered in Link?ping, Sweden, Pitch is an innovator of computer-based training and research simulation technologies. Some of the largest and most complex simulation programs in governments and industries worldwide, including those in NASA, Boeing and Mitsubishi, employ Pitch¡¯s state-of-the-art simulations products, services and solutions.
|
