ObjectFX Bought by Private Equity Firm
Minneapolis-based ObjectFX, LLC, a provider of location-based technology and software, on Thursday announced that it has been acquired by TransVoyant, LLC, a group of private equity investors from Alexandria, Virginia.
The company said that it will maintain its offices in Minneapolis and has opened offices in Alexandria, Virginia.
ObjectFX's consultants and developers create solutions designed to help clients gather intelligence, monitor and improve operations, and respond more quickly to changing conditions. Its Java-based geospatial software is used across many industries in which location-based data and timing are important, including the defense, intelligence, homeland security, transportation, and supply-chain management industries.
Companies that have installed ObjectFX's software applications include Lockheed Martin, Boeing, United Airlines, Qwest, the U.S. Army, and the U.S. Postal Service, the company said.
Under the terms of the acquisition, Tim Fleisher, chairman of TransVoyant, has assumed the role of chairman at ObjectFX. Financial terms of the deal were not disclosed.
The company said that the acquisition will result in additional investment in its SpatialRules product, which collects massive amounts of temporal and spatial data from sensors and other sources and analyzes them in a way that's useful for clients. The technology won the industry achievement award from the U.S. Geospatial Intelligence Foundation last year.
“Both our commercial and government clients have asked for these advancements,” Fleischer said in a statement. “We are excited about releasing the new features later this year.”