EmbeddedArt cancels Marine Autonomy acquisition – plans Granit purchase instead

EmbeddedArt Group AB has decided to terminate the process to acquire Marine Autonomy Group AB. The decision, announced in a press release on Wednesday, is based on an overall assessment of the deal's strategic and financial conditions. The company states it continues to evaluate other growth opportunities. Simultaneously, EmbeddedArt announced it has signed a Memorandum of Understanding (MoU) regarding the acquisition of the technical consultancy firm Granit Teknikbyrå AB. EmbeddedArt plans to acquire all shares in Granit around the turn of the year for an initial purchase price of 33 million SEK, with an additional payment based on Granit's 2025 profit. Granit, founded in 2014, operates in the defense sector with about 25 employees and offices in Östersund, Enköping, and Åre. For 2024, its revenue was 33 million SEK with an EBITDA of 4.5 million SEK, and its order backlog amounts to 40 million SEK. Both CEOs express enthusiasm for the partnership, highlighting strengthened offerings and future security