Dover Announces Acquisition Of The Espy Corporation, A Leader In Signal Intelligence Solutions
DOWNERS GROVE, Ill., Sept. 15, 2021 /PRNewswire/ -- Dover (NYSE: DOV) today announced that it has completed the acquisition of The Espy Corporation ("Espy"), which will become part of the Microwave Products Group (MPG) within Dover's Engineered Products segment.
Espy designs and manufactures advanced electronic radio frequency sensor systems used to detect, record, analyze and geolocate signals. Located outside of Austin, TX, Espy offers complete signal intelligence systems with integrated software that is sold globally. Espy's proprietary machine learning and real-time geolocation technology, together with its software interface, greatly reduce the time needed to identify and process signals of interest while providing high accuracy on the origin of the signal.
The acquisition of Espy further positions MPG to capitalize on long-term growth trends in signal intelligence as demand for radio frequency detection and spectrum analysis grows globally with increased penetration and sophistication of radio communications. The acquisition also enables MPG to offer an enhanced set of advanced radio frequency signal solutions to various end-markets primarily within the defense industry, while further solidifying MPG's technological leadership in radio frequency applications.
MPG's President, Ron Ruppersburg, stated, "We're excited to add Espy to the MPG team, as their expertise in collecting and analyzing signal data fits very well with our core focus on hardware to protect and condition signals. The complementary product offerings and customer bases between these businesses will create significant opportunities for cross-selling and co-development of our advanced market-leading products allowing our customers to maintain their advantages in the field."
Terms of the transaction were not disclosed.
Dover is a diversified global manufacturer and solutions provider with annual revenue of approximately $7 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Fueling Solutions, Imaging & Identification, Pumps & Process Solutions and Refrigeration & Food Equipment. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 65 years, our team of over 24,000 employees takes an ownership mindset, collaborating with customers to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV." Additional information is available at dovercorporation.com.
Forward Looking Statements:
This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements in this document other than statements of historical fact are statements that are, or could be deemed, "forward-looking" statements. Forward-looking statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond the Company's control. Factors that could cause actual results to differ materially from current expectations include, among other things, the impacts of COVID-19, or other future pandemics, on the global economy and on our customers, suppliers, employees, business and cash flows, other general economic conditions and conditions in the particular markets in which we operate, changes in customer demand and capital spending, competitive factors and pricing pressures, our ability to develop and launch new products in a cost-effective manner, and our ability to realize synergies from newly acquired businesses. For details on the risks and uncertainties that could cause our results to differ materially from the forward-looking statements that may be contained herein, we refer you to the documents we file with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2020, and any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These documents are available from the SEC, and on our website, www.dovercorporation.com. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
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