Summa Defence acquires US deep technology company Lightspace, expert in combining augmented reality and AI
Summa Defence Ltd
Press release, free for publication on 3.12.2024 at 14:00 EET
The Finnish defence and security technology group Summa Defence Ltd acquires Lightspace, an American deep technology company. The companies have agreed on a transaction in which Summa Defence Ltd will acquire all shares of Lightspace Group, Inc through a share exchange. All current shareholders acted as the sellers.
Lightspace is a deep technology company focusing on XR technology, i.e. augmented reality (AR) and virtual reality (VR) The company develops solutions for the defense and healthcare industries. Lightspace Technologies, founded in 2014, conducts its product development and manufacturing in Latvia. In June 2024, Lightspace announced a partnership with Europe's leading defense technology company Rheinmetall Electronics UK aiming to co-create cutting-edge AR systems tailored for defense and security applications.
Lightspace is the global technology leader in multi focal AR near-eye displays, in which augmented reality is acting as an AI interface. The company currently has in production AR glasses that integrate into the helmet of the crew of armoured fighting vehicles, giving the user a 360-degree view, for example from inside a main battle tank to the outside, as well as additional information needed to lead the battle or mission through an AI interface. Lightspace is also developing ISR (Intelligence, surveillance and reconnaisance) AR headsets for the ground control personnel to operate the military drones. This is a significant addition to the different drone systems offered by Summa Defence.
“With this acquisition, Summa Defence gains a strong foothold in the international field of high technology solutions for the defense and healthcare industries. Expertise in deep technology has significant growth potential and it can revolutionize entire industries and offer unique solutions to global issues. Our strategic focus is on dual use technologies with applications in civilian as well as in the defense and security industry, and the acquisition of Lightspace Group supports this strategy in an excellent way,” says Jussi Holopainen, CEO of Summa Defence.
“Lightspace already holds a strong position as a partner to large European defense industry companies as well as participating in development projects within aerospace sector with one of end users being also NASA. As part of Summa Defence, we can boost our growth and further develop our leading XR near-eye display solutions for the defense industry as well as the healthcare sector,” says Ilmars Osmanis, CEO of Lightspace.
For the fiscal year of 2023, Lightspace Group recorded approximately EUR 400.000 in revenue and employed around 25 people. The acquisition has no impact on personnel. The parties to the transaction have agreed not to disclose the purchase price.
Summa Defence unites defense and security industry companies to build a strong, new growth company. The company’s acquisition strategy focuses on businesses that have demonstrated the applicability of their technologies to both defense and civilian markets. These companies must have a passion and capability for international growth, particularly in NATO member countries. Owners’ commitment to continue developing and growing the company is also crucial. Acquired companies will continue to operate under their own identities while benefiting from group synergies and participating in larger international projects.
Summa Defence is currently finalizing acquisition negotiations with several companies in the security and defense technology sector.
More information:
Jussi Holopainen, CEO
Phone: +358 44 517 4543
Email: jussi.holopainen@summadefence.com
Media contact:
Tommi Manninen, Chief Communications Officer
Phone: +358 400 437 515
Email: tommi.manninen@summadefence.com
Summa Defence in brief
Summa Defence is a Finnish defense and security technology group supporting industry growth and strengthening industrial production capacity amid geopolitical change. We focus on dual-use technologies related to situational awareness, mobility, and protection, benefiting the civilian, security, and defense sectors while enhancing comprehensive security, security of supply, and crisis management capabilities. www.summadefence.fi
