NV5 Acquires GEO1, Expands National Leadership Position in Electrical Utility Geospatial Solutions
NV5 Global, Inc. (NASDAQ: NVEE) announced the acquisition of GEO1 through an asset purchase of Aerial Filmworks, LLC, enhancing its geospatial solutions. GEO1 specializes in geospatial lidar, aerial imagery, and data analytics, serving utility and government clients. This acquisition, which adds 25 employees from GEO1, is expected to be immediately accretive to NV5's earnings and strengthens its existing relationships with utility clients. The collaboration is anticipated to enhance NV5's capabilities in utility asset inspection and wildfire risk mitigation.
- Immediate earnings accretion from GEO1 acquisition.
- Strengthened relationships with key utility clients.
- Enhanced capabilities in utility asset inspection and wildfire risk mitigation.
- None.
HOLLYWOOD, Fla., June 21, 2022 (GLOBE NEWSWIRE) -- NV5 Global, Inc. (the “Company” or “NV5”) (Nasdaq: NVEE), a provider of technology, conformity assessment, and consulting solutions, today announced the acquisition of GEO1 through an asset purchase of Aerial Filmworks, LLC. GEO1 is a leading provider of geospatial lidar, aerial imagery, and data analytics solutions to utilities, government agencies, and the environmental sector. Headquartered in Hawthorne, California, GEO1’s 25 employees are dedicated to geospatial analytics, data science, and aerial remote sensing.
NV5 has collaborated with GEO1 on multiple award-winning geospatial projects over the past decade, and GEO1 expands NV5’s embedded relationships with key utility clients. The acquisition will be immediately accretive to NV5’s earnings.
“NV5 is the recognized national leader in tech-enabled, high-value utility services, and GEO1’s low and medium altitude analytics expertise complements and expands NV5’s offerings in utility and utility asset inspection, vegetation encroachment, and wildfire risk mitigation,” said Dickerson Wright, PE, Chairman and CEO of NV5. “GEO1 excels in the development of geospatial data innovations that deliver actionable insights to its clients, and we are pleased to deliver additional technology capabilities to our utility clients.”
“We are excited to join NV5 and look forward to the expanded services that we can deliver to our clients and the career development opportunities available to our amazing geospatial team,” said Ron Chapple, Founder and CEO of GEO1.
About GEO1
Founded in 2014, the award-winning GEO1 team enables creative vision through use of the newest lidar and imaging sensors. Geo1’s skilled operators uniquely configure each acquisition project to provide lidar and imagery that serves individual client needs. Its geospatial analysts are capable of providing a diverse range of data processing and analytic solutions, which include vegetation encroachment analysis, creating 3-dimensional digital models, colorized point clouds, and annotated datasets.
About NV5
NV5 Global, Inc. (NASDAQ: NVEE) is a provider of technology, conformity assessment, and consulting solutions for public and private sector clients supporting sustainable infrastructure, utility, and building assets and systems. The Company focuses on multiple verticals: testing, inspection & consulting, infrastructure engineering, utility services, buildings & program management, environmental health sciences, and geospatial technology services to deliver innovative, sustainable solutions to complex issues and improve lives in our communities. NV5 operates out of more than 100 offices nationwide and abroad. For additional information, please visit the Company’s website at www.NV5.com. Also visit the Company on LinkedIn, Twitter, Facebook, and Instagram.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained in this news release. Such factors include: (a) changes in demand from the local and state government and private clients that we serve; (b) general economic conditions, nationally and globally, and their effect on the market for our services; (c) competitive pressures and trends in our industry and our ability to successfully compete with our competitors; (d) changes in laws, regulations, or policies; and (e) the “Risk Factors” set forth in the Company’s most recent SEC filings. All forward-looking statements are based on information available to the Company on the date hereof, and the Company assumes no obligation to update such statements, except as required by law.
Investor Relations Contact
NV5 Global, Inc.
Jack Cochran
Vice President, Marketing & Investor Relations
Tel: +1-954-637-8048
Email: ir@nv5.com
FAQ
What is the purpose of NV5's acquisition of GEO1?
How will the acquisition of GEO1 impact NV5's earnings?
What services does GEO1 provide?
How many employees will NV5 gain from the acquisition of GEO1?
What are the strategic benefits of NV5 acquiring GEO1?
