OTTAWA, September 3 2020 -- Calian Group Ltd. (TSX: CGY) is pleased to announce it has acquired Tallysman Wireless Inc. (Tallysman), a leading manufacturer of precision Global Navigation Satellite Systems (GNSS) antennas, and related components.
Tallysman designs, manufactures and sells a very wide range of GNSS, Iridium and Globalstar antennas and related products into a market with a broad range of vertical applications that include precision reference systems, survey, timing, precision agriculture, unmanned and autonomous vehicles, marine and many more. The company also produces cloud based wireless tracking systems over two-way radio systems and 4G category M cellular systems, for applications ranging from school buses to municipal public works.
Tallysman has substantially invested in R&D to produce the widest range of GNSS antenna available, and that includes several antenna types that lay claim to being among the most accurate GNSS antennas in world. The company is widely recognized as a technology leader and is the supplier of high precision antennas to a number of leading precision GNNS systems providers.
“Calian welcomes Tallysman to our team. The Tallysman product line and services add a complementary component to our ground-based satellite communications business. It expands Calian’s reach in the satcom industry to markets requiring smaller antenna used in end-user devices that need a different range of fidelities.” said Patrick Thera, President, Advanced Technologies, Calian. “GNSS is one of the fastest growing markets for satellite ground systems and we are excited to join forces with a leader in this field.”
“We are extremely pleased to join the Calian team.” said Gyles Panther President and CTO, Tallysman. “we look forward to continuing, profitable growth of our core GNSS businesses with market leading products that we sell to a broad customer base. As a member of the Calian family we also look forward to leveraging additional resources, new technologies and markets deriving from Calian’s deep expertise in satellite communications”
The definitive agreement is valued at up $24.5 million. Amount paid on closing is $15.7 million (net of cash received) and contains two earnout periods of $4M and $4.8M based on the achievement of a certain level of EBITDA performance over the next 30 months. Tallysman’s results will be consolidated and reported with Calian’s Advance Technology segment.
“Tallysman has shown consistent profitable revenue growth as they have expanded their network across the globe” said Patrick Houston. “With a growing product portfolio of class leading precision and custom GNSS antenna’s, they are poised to maintain their growth momentum as part of Calian.”
“This important acquisition supports both customer diversification and service line innovation, two key pillars within our four-pillar growth strategy,” stated Kevin Ford, President and Chief Executive Officer, Calian. “The Tallysman acquisition demonstrates Calian continued our focus on innovation and growth. The wide range of products and applications Tallysman brings to Calian expands our product line and entry into new markets. We are excited with the opportunity to support innovation in exciting growth industries such as autonomous vehicles, precision agriculture and wearables. We could not be more pleased to welcome Tallysman to the Calian team.”
Sampford Advisors acted as exclusive M&A advisor to Tallysman.