BAE Systems Acquires Pitch Technologies.Acquisition Will Expand Company's Capabilities in Training and Simulation Solutions ORLANDO, Fla. -- BAE Systems BAE Systems British manufacturer of aircraft, missiles, avionics, naval vessels, and other aerospace and defense products. BAE Systems was formed (1999) from the merger of British Aerospace (BAe) with Marconi Electronic Systems. has entered into a definitive agreement to acquire the Swedish high-tech company Pitch Technologies AB (Pitch) for a cash consideration of 61.3 MSEK MSEK Meyer, Suozzi, English & Klein (New York law firm) MSEK Million Swedish Kroner . Founded in 1991 and headquartered in Linkoping, Sweden, Pitch is an innovator of computer-based training See CBT. (application) Computer-Based Training - (CBT) Training (of humans) done by interaction with a computer. The programs and data used in CBT are known as "courseware." and research simulation technologies. Some of the largest and most complex simulation programs in governments and industries worldwide, including those in NASA NASA: see National Aeronautics and Space Administration. NASA in full National Aeronautics and Space Administration Independent U.S. , Boeing and Mitsubishi, employ Pitch's state-of-the-art simulations products, services and solutions. "The addition of Pitch to the BAE Systems family creates a world-class capability that will set a new standard for enterprise-level simulation interoperability and solutions for training and simulation," said Claes Erik Frolund, President of BAE Systems C-ITS business in Sweden. The BAE Systems acquisition of Pitch is an advantageous one for both companies given that the C-ITS primary product line includes air traffic control simulators and advanced distributed learning platforms. Staffan Lof, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Pitch Technologies said, "Being a part of BAE Systems gives us an excellent position for further development of our innovative products and technologies. It opens up new markets and key accounts worldwide. On the services side there are also considerable synergies between our infrastructure and architecture know-how and BAE Systems capabilities to realize innovative training and simulation solutions." The expanded offerings are showcased at the BAE Systems and Pitch Technologies booths (3818 and 1400, Hall B) during this week's Interservice/Industry Training, Simulation and Education Conference (I/ITSEC I/ITSEC Interservice/Industry Training, Simulation, and Education Conference ) in Orlando, FL. In Sweden, BAE Systems AB employs 2,000 people in three subsidiary companies with a turnover of 4,500 BSEK (approx. PS320m). About Pitch Technologies Pitch Technologies is a leading provider of innovative state-of-the-art interoperability products, services and solutions for development of distributed systems. Pitch is heavily involved in the development of international interoperability standards and has received numerous awards and certifications for its achievements and technology. About BAE Systems BAE Systems is the premier global defense and aerospace company delivering a full range of products and services for air, land and naval forces, as well as advanced electronics, information technology solutions and customer support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services . BAE Systems, with 96,000 employees worldwide, had 2006 sales that exceeded $27 billion on a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma basis, assuming BAE Systems had owned Armor Holdings, Inc. for the whole of 2006. |
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