Kraken Robotics Completes Covelya Acquisition to Strengthen Subsea Intelligence Solutions

Kraken Robotics Inc. has completed its acquisition of Covelya Group Limited, combining two companies with complementary expertise in subsea technology, engineering, and maritime surveillance applications.

The approximately $615 million acquisition strengthens Kraken’s position as a provider of mission-critical, dual-use subsea intelligence solutions and expands its capabilities across defense and maritime surveillance markets. Kraken said the combination will support deeper customer relationships, broader technology offerings, and increased opportunities within the growing subsea sector.

Covelya Group brings together several marine and subsea technology businesses, including Sonardyne, Voyis, Wavefront Systems, and Forcys. Their capabilities span areas such as underwater positioning, subsea imaging, sonar technology, and maritime defense applications, supporting capabilities relevant to autonomous underwater systems and other subsea applications.

According to Kraken, the acquisition will also enhance its technical capabilities through the addition of experienced engineering teams and advanced facilities, while supporting geographic expansion and greater business diversification.

Greg Reid, CEO of Kraken Robotics, commented, “This acquisition positions Kraken as a global provider of mission-critical, dual-use subsea intelligence solutions. Since announcing the transaction, we have received positive feedback from customers who are looking forward to working with our combined engineering teams on integrated subsea technology solutions.

“We welcome the new employees to the team and look forward to the many benefits this combination can provide. Together, Kraken and Covelya Group bring complementary products, technological capabilities, and customer relationships that we expect will strengthen Kraken’s growth potential and long-term outlook. This positive long-term outlook is further supported by the expected increase in defence budgets globally, including growing investment in autonomous underwater systems.”

Following completion of the acquisition, Kraken updated its 2026 financial guidance to reflect the inclusion of Covelya Group from the July 2, 2026 closing date. Consolidated revenue for 2026 is now expected to reach between $290 million and $320 million.

Kraken also reported additional product orders secured by both businesses since late May 2026.

To support the integration of the two organizations, Kraken is establishing a new structure consisting of Kraken Group and the Kraken Robotics operating business. Kraken Group will focus on financial and organizational governance, while the operating business will focus on operational excellence, strategic execution, and financial performance.

The company has appointed Bernard Mills, formerly executive vice president of defense, as President of Kraken to support the integration and growth of the combined organization.

Kraken stated that a dedicated integration team will begin integrating employees, systems, finance, sales, and operations to support the realization of potential revenue and cost synergies. The company also intends to apply to list its common shares on the Toronto Stock Exchange, subject to satisfying applicable requirements and receiving approval.