Kraken Robotics acquires Lidar survey company 3D at Depth

Canada-headquartered Kraken Robotics, through a subsidiary, has signed a definitive agreement and plan of merger to acquire 100 per cent of the shares of 3D at Depth, a 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 US$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.

3D at Depth has grown revenue at a 20 per cent CAGR over the last three years and reported 2024 unaudited US GAAP revenues of $14 million, gross profit of $8.4 million (60 per cent), and $1.1 million of operating income.

“The acquisition of 3D at Depth builds upon Kraken’s expertise in subsea optical systems, developed through our SeaVision product line, and significantly expands our subsea service offering by adding high-value, high-margin solutions that feature differentiated capabilities,” said Greg Reid, President and CEO of Kraken Robotics.

“With 3D at Depth, we are acquiring an industry leader with an established customer base, strong gross margins, and gain an expanded presence in the United States, with new offices in Texas and Colorado.

"This also provides Kraken with a strategic entry point into the US market."