Nauticus Acquires 3D at Depth Inspection Firm
The robot company said it plans to integrate 3D at Depth’s LiDAR inspection technology after the all-stock acquisition.
Nauticus Robotics, a developer of autonomous vehicles and robots for data collection and intervention services for offshore industries, announced the execution of a definitive agreement to acquire 3D at Depth, a commercial subsea laser light detection and ranging (LiDAR) inspection and data services, for approximately $34 million in stock, before certain purchase price adjustments and the assumption of debt.
This strategic acquisition is designed to enhance Nauticus’ spectrum of autonomous underwater maritime capabilities, including integrated sensors and data collection and analysis.
“The future of subsea services lies in autonomy, data gathering, and analytics,” said Nicolaus Radford, Nauticus’ founder and CEO. “LiDAR has long since been core to terrestrial autonomy, and, by adding 3D’s capabilities to the Nauticus Fleet, we enhance autonomous vehicles in the offshore market. This acquisition increases the value of Nauticus’ fleet services and positions the company to capitalize on data acquisition and analytics for subsea operations.”
Nauticus said it expects to capitalize on existing agreements and contracts to shorten sales cycles. 3D has customer relationships that include several companies in Nauticus’ sales pipeline.
With the acquisition, Nauticus will assume 11 patents in underwater optical measurements and inspection, with an additional 19 pending.
Nauticus also said it expects to benefit from growing usage of 3D’s laser LiDAR by third-party operators in the industry, accessing a larger part of the offshore market. The laser LiDAR service also integrates into the Nauticus Fleet, enhancing unit economics.
The transaction is expected to be accretive to Nauticus’ 2024 revenue per share, earnings per share, and cash flow per share. During 2022, 3D generated $9.8 million of revenue with a gross profit margin in excess of 60%, and it is on track to grow revenue by more than 20% in 2023.
“In addition to the compelling strategic and financial benefits of this deal, the acquisition will add momentum to our commercial growth trajectory,” Radford said. “By adding 3D’s technology, offshore inspection and data service, and experienced team, Nauticus expands our addressable market and accelerates our customer penetration in the offshore energy and renewables industries.”
Founded in 2009, 3D is a pioneer in underwater laser LiDAR technology. The company’s technology and service allow customers to map, monitor, and evaluate submerged assets.
“The Nauticus Robotics and 3D at Depth combination creates a compelling solution for the subsea market and should help improve our products and services for all our clients,” said Carl Embry, founder and CEO of 3D at Depth. “We believe the integration of our unique subsea multidimensional data collection and processing with an emerging leader in subsea robotics creates a differentiated offering for customers seeking safer, cleaner, lower-cost subsea services.”