Kraken Robotics expands to South America
Newfoundland company buys Brazilian underwater robotics company
Kraken Robotics now has a presence in South America, thanks to the acquisition of a company in Brazil.
Mount Pearl-based Kraken announced April 19 it has acquired 13 Robotics Ltda (13R) for $220,000 US.
The acquisition, 13R, is a small software development company with less than a dozen employees, said a spokesperson for Kraken. The company has offices in Rio de Janeiro and Salvador.
In a news release, Kraken said the software developers and engineers with 13R have significant experience in underwater robotics and autonomous systems for the energy markets.
Since inception in 2013, 13R has completed projects for a number of global energy companies, with a focus on autonomous underwater inspection in offshore oil and gas as well as renewable energy.
Kraken’s president and CEO Karl Kenny added the company has worked with members of the 13R team since 2016.
“We look forward to utilizing their expertise in robotic system development and leveraging their relationships with leading international energy companies,” Kenny said in a news release.
Acquisition of 13R also provides Kraken with a South American base of operations, allowing the company to provide technical and commercial on-the-ground access to the Brazilian offshore oil and gas industry, opening the door to further opportunities in that major market.
“As the offshore energy markets continue to focus on reduction of costs and reduction of greenhouse gases through the use of resident autonomous systems, Kraken and the 13R team will be well positioned to support the need for clean, efficient and cost-effective technology,” said Kenny.
Meanwhile, Kraken appears to be in acquisition mode.
Earlier this month Kraken announced it had signed a non-binding letter of intent to buy another Newfoundland-based company, Pangeo Subsea from Cahill Innovation Inc., a member of the Cahill Group of Companies and Argentum Asset Management AS.
The purchase price is estimated between $18 million to $24 million.
The two parties have until May 31 to iron out a deal.
With its recent purchase of 13R, Kraken now has a presence on three continents, North America, Europe and South America, with offices in Canada, the United States, Germany, Denmark and Brazil.
The marine technology company trades on the Toronto Stock exchange (TSX.V:PNG) and on the US venture market (OTCQB: KRKNF)