Ultra acquires tech specialist Varisys

DEFENCE supplier Ultra, which has operations in Birmingham and Rugeley, has acquired Varisys Limited for an initial cash consideration of £16m.

Additional payments of up to £2m will be payable subject to performance  over the next two years.

Varisys designs and manufactures products for high performance embedded computing applications. Its products and services portfolio include bespoke solutions for customers operating in the aerospace, defence, telecommunications, and industrial sectors.

Varisys, a privately-held British company based in High Wycombe, was acquired from its founders, Paul Gentle and Adam Barnes. Both will remain with the business under Ultra ownership.

The acquisition of Varisys will be financed using Ultra’s existing facilities and is expected to be earnings enhancing in 2013. Varisys will continue to operate from its current location as part of Ultra’s existing Controls business within the Aircraft & Vehicles Systems Division.

Rakesh Sharma, chief executive of Ultra, said: “Varisys has an excellent position in providing bespoke high performance processing solutions to meet the challenging needs of the aerospace, defence, telecommunications and industrial markets.

“This acquisition fits Ultra’s strategy of growth in specialist, niche electronic markets.”