ROCHESTER, N.Y. — (BUSINESS WIRE) — December 3, 2010 — ITT Corporation (NYSE: ITT) today has announced its agreement to purchase the business operations of EchoStorm Worldwide. The privately held EchoStorm delivers innovative video and data management technology for military, government, and commercial applications. EchoStorm, founded in 2003, provides a suite of secure, net-centric commercial products that enables users to capture, manage, and disseminate full-motion video in near real time, as well as address the common issues involved with system interoperability and bandwidth.
“Adding EchoStorm’s employees and their robust customer relationships to our business will reinforce our already strong position in the airborne intelligence, surveillance and reconnaissance market,” said Chris Young, president of ITT Geospatial Systems. “Their web-based software application for providing full-motion video over a secure, password-protected network meshes well with our imagery technology, providing ITT innovative solutions for our military customers and new opportunities in the security, healthcare and entertainment markets.”
The transaction is expected to close by early 2011 and is not expected to materially impact ITT’s sales or earnings per share for 2010 or 2011. Terms of the deal were not disclosed.
EchoStorm’s business assets will be integrated into ITT Geospatial Systems’ Night Vision & Imaging business area, where EchoStorm’s operationally proven software technology products including adLIB, Convene, FunnelCloud, MDAR and ISRIS, as well as a majority of its employees will become key additions to the Geospatial Information Solutions business segment.
About ITT Geospatial Systems
ITT Geospatial Systems, headquartered in Rochester, N.Y., is a global supplier of innovative night vision, remote sensing and navigation solutions that provide sight and situational awareness at the space, airborne, ground and soldier levels. ITT Geospatial Systems solutions range from image and data capture to processing and dissemination. Key applications include image intensification and thermal imaging; advanced power supplies; multi-spectral image systems; weather and climate monitoring; space science; intelligence, surveillance and reconnaissance; GPS-based positioning, navigation and timing systems; and image exploitation software. Using our technologies, customers can move beyond mere image acquisition to image interchange and true knowledge sharing. www.geospatial.itt.com
About ITT Corporation
ITT Corporation is a high-technology engineering and manufacturing company operating on all seven continents in three vital markets: water and fluids management, global defense and security, and motion and flow control. With a heritage of innovation, ITT partners with its customers to deliver extraordinary solutions that create more livable environments, provide protection and safety and connect our world. Headquartered in White Plains, N.Y., the company reported 2009 revenue of $10.9 billion. www.itt.com
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Steve Brecken, 540-525-5660