Kraken Robotics, through a subsidiary, signed a definitive agreement and plan of merger to acquire 100% of the shares of 3D at Depth, Inc., a U.S.-based subsea technology and services company specializing in high resolution LiDAR imaging and measurements. Under the terms of the agreement, Kraken will indirectly acquire 3D at Depth for $17 million in cash subject to adjustment for, among other things, any debt indirectly assumed or paid out on closing and to customary working capital adjustments. The transaction remains subject to customary closing conditions, including, without limitation, consent of Kraken’s primary lender and is expected to close on or about April 1, 2025.
3D at Depth offers a broad range of services including measurement, inspection, surveying, diagnostics, and asset monitoring and trending solutions with underwater LiDAR technology having been integrated onto various survey platforms including diver platforms, remotely operated vehicles (ROVs), remotely operated towed vehicles (ROTVs), crawlers, and uncrewed underwater vehicles (UUVs). The company’s services are driven by its in-house, patented underwater LiDAR technology.
Its underwater LiDAR technology complements Kraken’s SeaVision laser scanned by providing extended range, particularly in water depths of more than 300m, and capabilities like non-contact vibration and temperature measurement. 3D at Depth’s expertise in Remote Operations also enables scalable, fully remote metrology solutions.
3D at Depth’s headquarters and production facility are based in Longmont, Colorado with offshore service operations based out of Houston, Texas, and satellite offices in Norwich and Aberdeen, UK.