QinetiQ has reached an agreement to sell OptaSense Holdings Ltd to Luna Innovations Inc. for a cash consideration of £29m.
QinetiQ created OptaSense in 2008 and it has become a specialist in distributed fiber optic sensing solutions, delivering decision-ready data in multiple vertical markets, including pipelines, oil and gas, border and perimeter security, transportation, and power and utilities. In the year ended March 31 2020 OptaSense generated revenue of £24.2m and has been reported within Global Products.
The decision to divest OptaSense has been a strategic choice to allow QinetiQ to provide increased focus on its core capabilities.
Duff & Phelps Securities acted as exclusive financial advisor to QinetiQ.