Error message

  • Warning: mysqli_connect(): (HY000/1040): Too many connections in include() (line 245 of /var/www/
  • Warning: mysqli_close() expects parameter 1 to be mysqli, boolean given in include() (line 269 of /var/www/
  • The system is currently in read-only mode. Any changes you make will not be saved!
Home / British aerospace firm snaps up UAE consultancy

British aerospace firm snaps up UAE consultancy

Ultra Electronics buys Dascam Consulting for $19mn, will add to earnings in 2009.

British defence and aerospace company Ultra Electronics Holdings said on Monday it acquired Dascam Consulting, a UAE-based consultancy, for $19 million.

Ultra, a developer of electronic systems for the defence and aerospace markets, expects the purchase to be earnings-neutral in 2008, and add to its earnings in 2009.

Ultra will also make some delayed payments on meeting certain performance targets over the next three years, the company said in a statement.

The acquisition, Ultra's first in the Middle East, will be financed using its existing banking facilities, it said.

On a pro-forma basis, Dascam's revenue on a full-year basis for 2008 would have been about $24 million, generating an EBIT margin of about 15 percent, Ultra said.

Dascam provides customised consultancy and training services for the defence, security and government infrastructure markets in the region.

Ultra shares closed at 1146 pence on Friday. (Reuters)

Follow us to get the most comprehensive technology news in UAE delivered fresh from our social media accounts on Facebook, Twitter, Youtube, and listen to our Weekly Podcast. Click here to sign up for our weekly newsletter on curated technology news in the Middle East and Worldwide.

REGISTER NOW | Webinar Event | Security you can bank on – Safeguarding the Middle East’s financial sector

Presented in partnership with security and network specialist Cybereason, the second in the three part webinar series will bring together a panel of experts to discuss how banks and financial institutions are evolving their service offering while simultaneously staying one step ahead of the cyber criminals who seek to bring their operations crashing to the ground.