High-Tech air traffic control group heads for market

Citation

(1998), "High-Tech air traffic control group heads for market", Aircraft Engineering and Aerospace Technology, Vol. 70 No. 6. https://doi.org/10.1108/aeat.1998.12770fab.045

High-Tech air traffic control group heads for market

High-Tech air traffic control group heads for market

Keywords Airtel ATN, Air traffic control, Software

Aviation communications specialists Airtel ATN (Aeronautical Telecommunication Network) has raised £1.8 million through a share offer of 10 million ordinary 1p shares at 20p each which gives the company a market capitalisation of £6.7 million. The money will be used to fund the acquisition of US NASDAQ quoted Vertel's ATN Business for £600,000, to finance research and development, and provide additional working capital. The offer was substantially oversubscribed and applicants were scaled down.

Working closely with major European aeronautical agencies, Airtel develops sophisticated software packages for air traffic management and aeronautical communication systems.

Vertel Corporation is a market leader in the provision of telecommunication management network (TMN) products and services. Its ATN business, which it commenced in 1994 is based in its Dublin branch.

Vertel was approached by its own local management in Dublin with an offer to purchase the company's operational ATN business, which includes business contracts and service agreements to the value of US$770,000, and to license ATN software products on a perpetual exclusive basis and other relevant software. Airtel ATN plc and its Irish subsidiary, Symbol Software Limited were incorported expressly to acquire this business. Vertel will maintain a 10 per cent interest in the new group.

National Avionics, a privately-owned Dublin company, has a high profile in the aeronautical communications equipment sector and has participated in the creation of the new venture. National Avionics' shareholding will represent 12.5 per cent of the share capital of Airtel.