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Ashburn firm that processes drone footage agrees to $39 million sale Ashburn firm that processes drone footage agrees to $39 million sale
(about 2 hours later)
TeraLogics, a 50-person software company based in Ashburn, Va., that processes drone surveillance footage for the U.S. military, has been acquired for $39 million by San Diego-based Cubic Corp.TeraLogics, a 50-person software company based in Ashburn, Va., that processes drone surveillance footage for the U.S. military, has been acquired for $39 million by San Diego-based Cubic Corp.
“It’s been said for over a decade that full-motion video is the crack cocaine of the intelligence world,” said Bill Toti, president of Cubic’s global defense unit. “You can see things as they progress; moving pictures tell you a lot more than still photographs.”“It’s been said for over a decade that full-motion video is the crack cocaine of the intelligence world,” said Bill Toti, president of Cubic’s global defense unit. “You can see things as they progress; moving pictures tell you a lot more than still photographs.”
In some cases, the company will attach labels known as metadata to surveillance material, making archived footage searchable. If a target is traveling in a white van, for example, an analyst sitting in an intelligence operations center can trace its path in seconds by querying a database, automating the process of thumbing back through old snapshots.In some cases, the company will attach labels known as metadata to surveillance material, making archived footage searchable. If a target is traveling in a white van, for example, an analyst sitting in an intelligence operations center can trace its path in seconds by querying a database, automating the process of thumbing back through old snapshots.
Defense contractors Lockheed Martin and Harris Corp. have their own collaboration around full-motion video services. Defense contractors Lockheed Martin and Harris Corp. have their own collaboration involving full-motion video services.
Cubic’s defense unit, which accounts for just over half of the company’s $1.4 billion annual revenue, is best known for operating military training systems and communications systems. It has a separate unit that handles information technology for government transportation authorities. Cubic’s defense unit, which accounts for just over half of the company’s $1.4 billion annual revenue, is best known for operating military training systems and communications systems. The company has a separate unit that handles information technology for government transportation authorities.
Lately the company has been trying to edge into the military intelligence and surveillance business, and it’s doing so by scooping up other companies to gain access to new technology. The company said Monday it is buying GATR Technologies, an Alabama-based company that manufactures satellite equipment, for $232.5 million. Last year, the company bought military telecommunications contractor D-Tech Labs for $114.5 million. Lately, Cubic has been trying to edge into the military intelligence and surveillance business, and it is doing so by scooping up other companies to gain access to new technology. The company said Monday that it is buying GATR Technologies, an Alabama-based firm that manufactures satellite equipment, for $232.5 million. Last year, the company bought military telecommunications contractor D-Tech Labs for $114.5 million.
“TeraLogics had unique intellectual property, it’s in demand and growing fast,” said Bob Kipps, managing partner of Kipps DeSanto, an aerospace­defense investment bank that represented TeraLogics in the acquisition.“TeraLogics had unique intellectual property, it’s in demand and growing fast,” said Bob Kipps, managing partner of Kipps DeSanto, an aerospace­defense investment bank that represented TeraLogics in the acquisition.
According to Kipps, GATR and TeraLogics “both had some interesting customers, but it’s really about the intellectual property.”According to Kipps, GATR and TeraLogics “both had some interesting customers, but it’s really about the intellectual property.”
The deal includes $9 million that is contingent on TeraLogics hitting certain financial targets. A Cubic spokesman said TeraLogics’s 50 employees will continue to work out of Northern Virginia.The deal includes $9 million that is contingent on TeraLogics hitting certain financial targets. A Cubic spokesman said TeraLogics’s 50 employees will continue to work out of Northern Virginia.