CARIS, a Fredericton company that has developed over 37 years into a leading producer of marine mapping software, has agreed to be acquired by Teledyne Technologies Inc. for an undisclosed price.

The companies said in a statement that the deal is expected to close by the end of June. In joining Teledyne’s digital imaging segment, CARIS will remain in Fredericton and expand its advanced software solutions and support for a wide range of products.

Based in Thousand Oaks, Calif., Teledyne Technologies makes a range of technology, including sophisticated instrumentation, digital imaging products and software, aerospace and defense electronics, and engineered systems. The company has a market capitalization of US$3 billion, and its sales last year were US$2.3 billion.

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In buying CARIS, it is buying one of the world’s leading providers of software for underwater mapping.

“By providing powerful data processing, mapping and geospatial imaging software, CARIS ideally complements both our marine instrumentation and digital imaging businesses,” said Teledyne Chairman, President and Chief Executive Robert Mehrabian in the statement. “CARIS immediately extends our marine capabilities, advancing the delivery of imaging and information from Teledyne’s broad portfolio of marine sensors and systems. Furthermore, we believe that CARIS will help Teledyne further improve our software and real-time processing tools across our sonar and bathymetric and topographic LIDAR businesses.”

CARIS began in 1979 when University of New Brunswick Professor Salem Masry was approached to advise a client on digital mapping software. The company until now has remained a family-owned business based in Fredericton, with offices in the Netherlands, U.S., U.K. and Australia. Some 140 people work at its 50,000-square-foot Fredericton headquarters.  

“The combination of CARIS with Teledyne is a positive development for the company’s owners, employees, and customers,” said Masry. “I am pleased to see CARIS continue its name and operations, including its presence in Fredericton, the Netherlands, the U.S., the U.K. and Australia, while offering employees additional opportunities for collaboration and advancement across Teledyne.”