Momentum Corporate Finance is delighted to announce the successful completion of its latest transaction, having advised the shareholders of Techmodal Limited on their sale to BAE Systems PLC.
Techmodal, which is based in Bristol and has approximately 120 employees, is a data science business that specialises in making sense of complex data to inform some of the most significant defence and security decisions for the UK Ministry of Defence (MOD). It has a range of long-term prime contracts with the MOD in support of the UK’s armed forces, particularly the Army, Strategic Command and Royal Navy.
It will sit within BAE System’s Maritime Services Division, and is a strategically important transaction for BAE, complementing BAE Systems’ existing digital, data and technical services capabilities. Last year, the MOD launched the Defence Digital initiative which set out how it plans to increase its digital capabilities. The acquisition of Techmodal will help BAE Systems to support the armed forces with their digital transformation.
BAE Systems is already working closely with the Royal Navy on its ambitions to be a fully ‘digital navy’ by 2025. The Data Integration Platform (DIP), which collates and presents data from multiple systems, allows the efficient management of the Queen Elizabeth Class aircraft carriers. Bringing Techmodal on board will strengthen BAE Systems’ ability to support not just the Royal Navy but all the Services.
The deal is Momentum’s second successful completion in recent weeks, following the £25 million sale of Naimuri to Qinetiq PLC, and further showcases the team’s credentials in the defence and national security space.