Marport Deep Sea Technologies, Inc., a St. John’s, Canada-based developer and manufacturer of sonar products for the defense and commercial fisheries markets, has received an equity investment of undisclosed amount from Hasting Equity Partners, LLC and Admiralty Partners, Inc.
In conjunction with the transaction, Bruce MacRae, a Managing Director with Hastings, will join the company’s Board of Directors as Chairman, replacing Derrick Rowe who will remain on the Board.
As stated by Karl Kenny, Marport’s President and CEO, this equity provides the company with the financial resources it needs to execute its growth strategy and continue to deliver innovative sonar products.
“Having the support of Hastings and Admiralty combined with their extensive network in the United States defense market will allow us the opportunity to accelerate our expansion efforts in that area”, he added.
Marport’s naval sonars are designed for both blue water and littoral missions and are currently being used by a number of naval customers around the world. The company is currently developing a new series of sonars based upon its Software Defined Sonar® technology that supports dynamic re-configuration of multiple functions, waveforms and signal processing techniques.