Kraken wraps up $17 million purchase of US underwater LiDAR technology company

Canada-headquartered marine technology player Kraken Robotics has completed the acquisition of 3D at Depth, a subsea technology and services company specializing in high-resolution LiDAR imaging and measurements.

Kraken Robotics announced on March 13 that it had, through a subsidiary, signed a definitive agreement and plan of merger to acquire 100% of the shares of 3D at Depth for $17 million in cash.

3D at Depth is now a wholly owned subsidiary of Kraken and will transition to the Kraken brand.

“We are pleased to welcome 3D at Depth to the Kraken Robotics team and look forward to offering our comprehensive subsea intelligence solutions to our clients,” said Greg Reid, President and CEO of Kraken. “Our combined solutions are complementary, enabling us to provide best-in-class technologies to our global customer base across the commercial, defense, and marine research sectors.”

3D at Depth offers measurement, inspection, surveying, diagnostics, and asset monitoring and trending solutions with underwater LiDAR technology having been integrated onto various survey platforms, including diver platforms, remotely operated vehicles (ROVs), remotely operated towed vehicles (ROTVs), crawlers, and uncrewed underwater vehicles (UUVs).

The company employs 56 people and has grown revenue at a 20% CAGR over the last three years and reported 2024 unaudited US GAAP revenues of $14 million, gross profit of $8.4 million (60%), and $1.1 million of operating income. Its headquarters and production facility are based in Longmont, Colorado, with offshore service operations based out of Houston, Texas, and satellite offices in Norwich and Aberdeen, UK.