Ultra Electronics acquires AEP Networks for $57.5million

A further sum of up to $17.5m will be paid to the vendors based on financial results to 31 December 2011. AEP's proprietary products are accredited by CESG/GCHQ, the UK government?s national technical authority for secure electronic communications. The company has more than 5000 blue chip and government customers in over 60 countries, with the majority of its 80 employees based in Ascot and Hemel Hempstead. It also has a sales and engineering operation in New Jersey, USA together with sales and support hubs in Australia and Malaysia. Rakesh Sharma, chief executive of Ultra, said: "I am very pleased that we have been able to bring AEP into the Group. AEP provides important complementary technologies and products to advance Ultra?s strategy in the growing cyber security domain. AEP is a technology rich company with strong intellectual property and wide global reach, operating in a fast growing market place. AEP's encryption and network communication capabilities have strong market facing synergies with Ultra's CIS, 3eTI, DNE, ProLogic and TCS businesses."