Chesapeake Technology International has acquired a provider of imaging technology in an effort to expand its geospatial work for defense and intelligence agencies.
Rapid Imaging Technologies is a 25-year-old company that introduces to CTI a portfolio of patent-protected technologies for providing military users with real-time geospatial situational awareness information on live video. The terms of the Thursday-announced transaction were not disclosed.
CTI believes that by acquiring Rapid Imaging, it will be able to offer consumers a broader selection of imaging and geospatial augmented reality technologies. These include algorithms for object detection, classification, and tracking.
Chesapeake Technology International is expanding its imaging and geographic augmented reality offering.
“This acquisition is part of our strategy to grow our business and expand our offerings to meet the evolving needs of our defense and intelligence community customers,” CTI CEO Jay Moorman stated in a press release.
CTI is a portfolio company of Bluestone Investment Partners, an investor and proprietor in the defense and government services markets’ lower middle market. Bluestone acquired a majority stake in CTI in 2021, making the transaction involving Rapid Imaging CTI’s first with Bluestone’s backing.
Bluestone closed its third investment fund at the hard limit of $196 million in investor commitments earlier this year.
Moorman joined CTI in 2022 as chief technology officer and was promoted to CEO later that year, succeeding founder Dustin Hellwig, who assumed the position of chief strategy officer. Hellwig also serves on the board of directors for CTI.