GE sells off embedded computing unit; sale to make the business nimbler, faster, more agile
Editor's note: GE Intelligent Platforms changed its name to Abaco Systems on 23 Nov. 2015 as a result of the company's acquisition last September by New York-based private equity firm Veritas Capital.
NEW YORK, 24 Sept. 2015. The New York-based private equity firm Veritas Capital is acquiring the embedded computing business of General Electric Co., which has been part of the GE Intelligent Platforms business unit based in Huntsville, Ala.
The GE embedded systems business specializes in open-architecture electronic systems for aerospace, defense, and industrial applications. The company offers rugged products designed to withstand harsh environments such as extreme temperature, high vibration, and has about 700 employees worldwide.
GE Intelligent Platforms has been part of the GE Energy Management segment. Veritas Capital invests in companies that provide products and services to government and commercial companies worldwide.
Terms of the transaction were not disclosed, and the acquisition is expected to close by later this year. Upon closing, GE’s embedded systems business will be renamed and operate as an independent company at its current headquarters in Huntsville, Ala., Veritas officials say.
The change of ownership will enable the GE embedded business unit to be nimbler, faster, more agile, more responsive, and more flexible, company officials say.
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Bernie Anger, currently General Manager of GE’s Intelligent Platforms business, will continue to lead the embedded computing business for Veritas, says Mark Begor, President and CEO of GE Energy Management.
“Veritas brings deep experience investing in the defense market, a vast network of relationships in the government and commercial markets, and a track record of adding significant value to its portfolio companies," Anger says.
“Acquiring GE’s Embedded Systems business is an exciting opportunity to partner with a leading provider of mission-critical technology solutions to both government and commercial markets," says Hugh Evans, a managing partner of Veritas.
The embedded systems business has been part of GE largely since 2006 when GE acquired leading embedded computing companies Radstone Technology PLC and SBS Technologies. Earlier GE had acquired embedded computing companies VMIC in 2001 and RAMiX in 2003.
For more information contact GE Intelligent Platforms online at www.geautomation.com, or Veritas Capital at www.veritascapital.com.
John Keller | Editor
John Keller is editor-in-chief of Military & Aerospace Electronics magazine, which provides extensive coverage and analysis of enabling electronic and optoelectronic technologies in military, space, and commercial aviation applications. A member of the Military & Aerospace Electronics staff since the magazine's founding in 1989, Mr. Keller took over as chief editor in 1995.
