Veritas Capital has completed its buy of the embedded technology and systems business from General Electric Company. It has renamed the Huntsville, Alabama-based company Abaco Systems Inc.
PRESS RELEASE
New York, NY – December 10, 2015 – Veritas Capital (“Veritas”), a leading private equity investment firm, today announced that an affiliate of Veritas has completed the acquisition of the embedded technology and systems business from General Electric Company (“GE”) (NYSE: GE). The company has been renamed Abaco Systems, Inc.
With approximately 700 employees and five facilities globally, Abaco Systems is an industry-leading supplier of sophisticated, open architecture electronic systems for aerospace, defense, and industrial solutions which, prior to its acquisition by Veritas Capital, operated within GE Energy Management (Intelligent Platforms subdivision). The company’s broad product portfolio employs various highly engineered, patented and high-performance commercial computing technologies to address advanced size, weight and power challenges that are common to rapidly evolving aerospace, defense, and industrial applications and programs. These rugged products are designed to withstand harsh environments such as extreme temperature, high vibration and exposure to natural elements.
Hugh Evans, a Managing Partner of Veritas, said, “Acquiring Abaco Systems is an exciting opportunity to partner with a leading provider of mission-critical technology solutions to both government and commercial markets. Guided by Bernie Anger and his exceptional leadership team, the company is positioned to benefit from long-term market trends including shifts towards open architecture, interoperable systems, smarter purchasing initiatives, and technological modernization. We look forward to applying our substantial investing and operating expertise to support the continued growth of Abaco Systems.”
“Veritas brings deep experience investing in the defense market, a vast network of relationships in the government and commercial markets, and a track record of adding significant value to its portfolio companies. We are excited by the prospect of leveraging the firm’s expertise as we accelerate the growth of the business,” said Bernie Anger, CEO of Abaco Systems.
Abaco Systems will remain at its current headquarters in Huntsville, AL. Existing senior management will continue to lead the business.
About Abaco Systems
Abaco Systems is a leading, global provider of open architecture computing and electronic systems for aerospace, defense, and industrial solutions. The company’s portfolio of commercial-off-the-shelf (“COTS”) products is based on high-performance, rugged computing technologies and custom designs for use in a wide array of applications and is designed to withstand harsh environments such as extreme temperature, high vibration and exposure to natural elements. Abaco Systems’ modular solutions are developed to upgrade and enhance the growing data, analytics, communications and sensor processing capabilities of its target applications. The company is typically the sole-source supplier of such solutions. For more information on Abaco Systems, visit www.abaco.com.
About Veritas Capital
Veritas Capital is a leading private equity firm that invests in companies that provide critical products and services to government and commercial customers worldwide including those operating in aerospace & defense, healthcare, technology, national security, communications, energy and education. Veritas seeks to create value by strategically transforming the companies in which it invests through organic and inorganic means. For more information on Veritas Capital and its current and past investments, visit www.veritascapital.com.
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