Kraken Robotics buying Sonardyne and EIVA’s parent company for $615 million

March 27th, 2026

Canada-headquartered marine technology player Kraken Robotics is set to acquire the UK’s Covelya Group, the parent company of Sonardyne International and EIVA, among others.

Source: Kraken Robotics

Covelya Group designs, manufactures, sells and supports high-performance underwater technology for maritime defense and commercial customers, through its subsidiary companies Sonardyne International, EIVA, Forcys, Wavefront Systems, Voyis Imaging, and Chelsea Technologies.

Its offering includes technology and software for navigation, communication, positioning, imaging, measuring, and monitoring for maritime uncrewed systems, as well as some crewed surface vessels, in addition to sensors and remotely operated towed vehicles (ROTVs).

The UK-headquartered firm has nearly 750 employees, operating 12 facilities across North America, South America, Europe and Asia Pacific.

“We have long admired Covelya Group and its operating businesses and are very pleased to join forces with its talented team,” said Greg Reid, President and CEO of Kraken. “Strategically, this acquisition will provide a unique opportunity to combine two leading subsea technology providers with complementary products, operating in markets with barriers to entry and high growth potential. Additionally, some key customers of Covelya Group are also existing customers of Kraken, providing significant opportunities to create value by cross selling within our overall client base.”

Under the share purchase agreement, Kraken will acquire all of the issued and outstanding shares of Covelya Group through its subsidiary Kraken Robotic Systems Inc. for total consideration of $615 million, excluding transaction costs and subject to customary purchase price adjustments, of which $480 million will be paid in cash, and $135 million will be satisfied through the issue of common shares to the seller.

Kraken said it intends to fund the cash portion of the acquisition and related expenses through a committed, secured, non-revolving term credit facility in the amount of $150 million, and the net proceeds of a bought deal public offering of subscription receipts for gross proceeds of approximately $350 million.

According to Kraken, Covelya is expected to generate revenue in 2025 of between $249 million and $275 million and adjusted EBITDA of between $60 million and $67 million in 2025. On a combined basis, Kraken and Covelya’s estimated revenue for 2025 is expected to be between $351 million and $379 million.

“The combined company will be able to provide more integrated solutions of mission-critical systems for underwater platforms and subsea sensors/monitoring systems,” said Reid. “These key technology systems include Kraken’s subsea batteries and synthetic aperture sonar and Covelya Group’s subsea navigation, positioning, and communications offering.”

Kraken will continue to be led by the current management team, alongside key members of the Covelya Group management team, and will continue to be headquartered in Canada.

Moving forward, Kraken will have two market-facing business units, including Defence and Commercial.

The completion of the acquisition is expected in the second quarter of 2026.

Simon Partridge, Executive Chairman of Covelya, said: “The combined company will have a broad product portfolio and a stable customer base, with in-house technological capabilities required to enable the rapid growth expected for underwater vehicles. As part of a larger and well-capitalized enterprise, we will have a greater ability to re-invest in developing new technologies in addition to addressing the larger, more complex needs of our customers.”