OceanWorks, a subsea solution engineering company, and Hydroacoustics, Inc. (HAI) have entered into a definitive agreement that provides for the combination and integration of the two companies.
The transaction was unanimously approved by the boards of directors of OceanWorks and Hydroacoustics.
HAI was founded in 1972 as a research and development company dedicated to improving US national military defenses. The company was formed as a spin-off based on research initiated at Harvard University and further developed at General Dynamics Corporation.
Today, HAI’s proprietary technology focuses on the generation of specific forms of energy from hydraulic and pneumatic sources, underwater remotely operated vehicles, diver interdiction/swimmer neutralization systems, aquaculture predator protection and human balance engineering for both commercial and military markets.
Joyce Smith, CEO of Hydroacoustics, Inc. said: “Bringing these two companies together fosters a new beginning. This venture will create a platform for future growth and new opportunity.”
“The integration of HAI immediately enhances OceanWorks’ already strong position in military markets, provides strong tie-ins and additional development potential in our scientific and environmental markets and creates many new and exciting opportunities in the onshore oil and gas market,” noted Michael Smith, President of OceanWorks. “HAI represents a powerful addition to our capabilities and product portfolio and expands our ability to provide mission critical and cutting edge technologies across our client base.”