BAE Systems, the defence, security and aerospace giant has acquired Bristol-based data science business, Technmodal. The deal will support BAE’s plans to increase digital capabilities in line with the MoD’s Defence Digital initiative, which launched in 2019.
“We are delighted to welcome the Techmodal team to BAE Systems. This deal will open up many new opportunities for both businesses and for our colleagues,” said David Mitchard, managing director of BAE Systems’ Maritime Services business.
Techmodal employs 120 staff and 30 associates, and has a number of contracts with the Ministry of Defence (MoD) to support the UK’s armed forces, particularly the Army, Strategic Command and Royal Navy. The company’s services include the Data Integration Platform (DIP), a collaborative system that provides the ability to view, manage and exploit data provided by multiple systems on the Queen Elizabeth Class aircraft carriers.
“This deal is great news for Techmodal and our customers including the UK defence community. BAE Systems provides Techmodal with a stable platform to build to the next level of success for our rapidly growing business. We are certain that it will offer our employees and our customers brand new and exciting opportunities,” added Gareth Vaughan, Techmodal’s managing director.
Momentum Corporate Finance advised the shareholders of Techmodal.