Coda Octopus Group, Inc. (Nasdaq: CODA), a global leader in advanced imaging sonar and underwater technology solutions, has announced the acquisition of Precision Acoustics Limited, a UK-based innovator in MHz ultrasound and acoustic measurement technologies. This acquisition marks a strategic step in Coda Octopus’s expansion in the underwater and defense sectors, building on its strong portfolio of 3D and 4D imaging sonar systems.
Precision Acoustics, founded in 1997, is recognized worldwide for its cutting-edge hydrophone designs and acoustic solutions primarily serving the medical imaging and Non-Destructive Testing (NDT) markets. The acquisition provides Coda Octopus access to an established portfolio of technologies and partnerships with industry standards bodies and academic institutions, supporting the Group’s vision of leveraging these assets for subsea and defense applications.
“We are thrilled to welcome Precision Acoustics to Coda Octopus,” said Annmarie Gayle, Coda Octopus Group’s Chairman and CEO. “This acquisition brings advanced acoustic expertise to our portfolio, with potential applications in underwater commercial and defense markets. The combined strengths of our groups will expand our capabilities and support our growth strategy.”
Precision Acoustics recorded revenue of $4 million and net profits of $450,000 in FY 2023. The acquisition includes a net cash purchase price of $5.16 million, with a possible contingent payment of up to $1.29 million over three years, conditional on performance targets.
Dr. Andrew Hurrell, Principal Research Physicist of Precision Acoustics, shared, “Joining Coda Octopus will allow us to extend our technical expertise and create a wider range of solutions for our clients, especially as we establish our offerings in the underwater market alongside Coda’s leading sonar technologies.”
Coda Octopus plans to leverage Precision Acoustics’ existing technologies to broaden its service range in subsea intelligence, building on its 30-year legacy as a trusted provider in the underwater acoustics market. This acquisition aligns with Coda Octopus’s strategy to enhance organic growth and pursue complementary acquisitions in advanced sonar and underwater solutions.
