HitecVision sells Naxys to GE

HitecVision is pleased to announce the sale of Naxys AS to a subsidiary of GE (NYSE: GE).

HitecVision V L.P. (the Fund), established Bokn Invest AS in a joint venture with Converto Capital in Q4 2009. Bokn Invest acquired 100% of the Oslo Stock Exchange listed company Bjørge in December 2010, Since the initial investment, Bjørge was split into three separate companies (effective from 31st of December 2010); Stream AS, Align AS and Naxys AS.

Naxys was established in 1999 by industry specialists in acoustic subsea warfare systems. Over the past 13 years the company has been researching and developing acoustic sensor products and systems in close cooperation with leading companies within the oil and gas industry. Naxys is today a world leading subsea monitoring company with unique products for subsea leak detection and condition monitoring. The company has proven products with an installed base monitoring 132 well heads for large oil companies such as Statoil, BP, Total and ENI. Naxys is based in Bergen, Norway and has 31 employees.

Naxys will be integrated in GE’s Measurement & Control business, a part of GE Oil & Gas, with more than 40 facilities in 25 countries. It is a leading innovator in sensor-based measurement, inspection, asset condition monitoring, controls and radiation measurement solutions that deliver accuracy, productivity and safety to customers in a wide range of industries, including oil and gas, power generation, aerospace, transportation and healthcare.