Middletown, R.I., headquartered KVH Industries, Inc., (Nasdaq: KVHI), has actually marketed its Videotel maritime training organization to an associate of Oakley Capital for a base acquisition rate of $90 million, on a cash-free, debt-free basis, based on functioning funding changes. The sale was finished when implementation of conclusive arrangements.
“As part of our long-term strategic roadmap, we are focusing on the large and growing markets of our core mobile connectivity and inertial navigation businesses,” states Martin Kits van Heyningen, president of KVH. “We intend to use the net proceeds of the sale to invest in three key growth initiatives that we expect will drive significant value creation, as well as to reduce our debt. Specifically, we plan to invest in the development and commercialization of our photonic integrated chip technology for use in autonomous vehicles and other commercial and military platforms, to support the further acceleration of our AgilePlans (Connectivity as a Service) program, and also to finalize the development and launch of our IoT connectivity solution. Videotel helped us to penetrate the commercial maritime markets initially, but our strategic approach has evolved to focus on faster growing markets that we believe will produce greater long-term shareholder value.”
To keep connection for KVH’s AgilePlans consumers, KVH has actually maintained particular civil liberties to proceed consisting of the Videotel training web content with the AgilePlans program.
The Videotel team of firms consists of Super Dragon Ltd., Videotel Marine International Ltd., Videotel Training Services Ltd., Videotel Consultants as well as Rentals Ltd., Videotel Marine Asia Ltd., as well as Videotel Pte Ltd.
