Kraken Robotics Acquires 3D at Depth to Expand U.S. Presence
Deal News | Mar 13, 2025 | EIN
Kraken Robotics Inc., a Canadian marine technology company, has signed a definitive agreement to acquire 3D at Depth, Inc., a leading subsea technology and services company based in the U.S. The acquisition, valued at $17 million, aims to bolster Kraken's presence in the U.S. market by leveraging 3D at Depth’s expertise in underwater LiDAR technology. 3D at Depth, headquartered in Colorado, has achieved a 20% CAGR over the past three years with 2024 revenues of $14 million. The acquisition is expected to close by April 1, 2025, pending customary conditions. With this acquisition, Kraken aims to enhance its subsea service offerings by integrating 3D at Depth's high-resolution LiDAR technology with its existing SeaVision laser scanner expertise, providing clients with comprehensive subsea optical metrology and asset integrity solutions. The deal also creates opportunities for cost synergies and geographic expansion into emerging markets like offshore wind and subsea mining.
Sectors
- Marine Technology
- Subsea Services
- Renewable Energy
Geography
- United States – 3D at Depth is headquartered in the U.S., and the acquisition by Kraken Robotics aims to enhance its presence in the U.S. market.
- Canada – Kraken Robotics is based in Canada and is expanding its operations through the acquisition of a U.S. company.
- United Kingdom – 3D at Depth has satellite offices in the UK, highlighting its operational geography.
Industry
- Marine Technology – The article focuses on Kraken Robotics, a marine technology company, and its acquisition of 3D at Depth, which specializes in underwater data acquisition using LiDAR technology.
- Subsea Services – 3D at Depth provides subsea services with a focus on LiDAR imaging for underwater asset management, making subsea services a key industry in this article.
- Renewable Energy – The acquisition is positioned to tap into emerging markets such as offshore wind, indicating relevance to the renewable energy sector.
Financials
- US$17 million – The purchase price for the acquisition of 3D at Depth by Kraken Robotics.
- US$14 million – 3D at Depth's reported unaudited revenues for 2024.
- 60% – Gross profit margin of 3D at Depth in 2024.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Kraken Robotics Inc. | Acquirer | Company | A Canadian marine technology company specializing in subsea sensors and robotic systems. |
| 3D at Depth, Inc. | Target company | Company | A U.S.-based subsea technology company specializing in underwater LiDAR services. |
| Greg Reid | President & CEO of Kraken Robotics | Person | Leading the acquisition for Kraken Robotics. |
| Carl Embry | Founder and CEO of 3D at Depth | Person | Overseeing the transition of 3D at Depth into Kraken Robotics. |