Viasat Acquires Horsebridge Defence and Security to Enhance Military Opportunities with UK Defence Forces

Viasat Inc. (NASDAQ: VSAT), a global communications company, today announced it acquired Horsebridge Defence and Security, a UK-based company focused on design, system integration and support of deployable secure networks. Through this acquisition the Viasat UK group gains deeper military communications integration expertise; enabling the Company to continue to grow its business in the UK defence market by delivering mission-critical ground-based communication networks and services.

From their UK-base in Cheltenham, Horsebridge Defence and Security have developed robust relationships with the UK Armed Forces, supporting a number of UK Ministry of Defence (MOD) programmes.

"By acquiring Horsebridge Defence and Security, we hope to accelerate the trajectory of our ability to support UK defence operations," said Ken Peterman, president, Government Systems, Viasat. "Viasat builds best-of-breed technology solutions that leverage commercial innovation; and by combining our strengths with the deep domain expertise of the Horsebridge Defence and Security team, we intend to reliably extend commercial, military or emergency service networks to the tactical mobile edge."

The Horsebridge Defence and Security team will be integrated into Viasat's already established and growing Farnborough, UK-based organization. They will have immediate access to Viasat's full communications portfolio from the Company's most advanced satellite communication (SATCOM) and Link 16 mobile networking solutions to its innovative cybersecurity and information assurance capabilities.

"Viasat is a strong match for the Horsebridge Defence and Security team; we are aligned both culturally and in our technical vision for how to bring secure ground networks to UK MOD and adjacent markets," said Martin Flather, director, Horsebridge Defence and Security. "Having access to Viasat's broad portfolio of technologies and capabilities will enable us to create new secure communications and mobility platforms that leverage high-capacity mobile networks with assured availability—with accredited secure voice, video and messaging services—whenever and wherever military forces require it in the UK or overseas."

Horsebridge Defence and Security develops and integrates technologies under its Kestrel II-branded services portfolio. The Kestrel brand has a strong reputation with MOD through successful delivery of a high-capacity ground network for a specific operational mission. The Kestrel II portfolio offers a range of complementary secure network products, solutions and services that are specifically targeted at today's UK Defence requirements and are continuously integrated and continuously developed (CI/CD) to stay at the forefront of technology.

Financial details of the transaction are not being disclosed. The transaction is not expected to materially affect Viasat non-GAAP (pro forma) earnings for fiscal year 2019. However, Viasat has not completed its valuation analysis and, accordingly, has not determined the impact to GAAP earnings.

Source: ViaSat, Inc.
Date: Jun 14, 2018