Waterloo-based aviation software company Navtech is being acquired by Airbus, the European aircraft manufacturing consortium based in France.
Navtech was founded in 1981 and develops and markets flight operations software for the commercial aviation industry. Prior to the acquisition, it was generating an estimated $42 million in annual revenues and employed roughly 250 people. The acquisition allows Airbus to move into the aviation software market, providing an opportunity for the company to sell Navtech software to its global customer base as well as to access its talented pool of engineers. Financial details of the transaction were not disclosed.
To read more about the acquisition, click here.