Hydroid Sold to Kongsberg

Hydroid is a manufacturer and supplier of AUVs for military and commercial markets worldwide. The company was established in 2001 to manufacture, support and further develop the REMUS Autonomous Vehicle Technology, originally developed and licensed through an exclusive license with the Woods Hole Oceanographic Institution. Axia invested in Hydroid in December 2005 when Hydroid's revenues approximated USD7.5 million.  Hydroid's 2007 sales approximated USD20 million and is projecting strong revenue growth in the coming years.

Axia partnered with Hydroid's founders and their management team to help them expand the company's infrastructure and develop a focused strategy to generate strong and sustainable revenue growth. Christopher von Alt, President and CEO of Hydroid and now President of the successor subsidiary of Kongsberg, Hydroid, Inc., remarked that Hydroid has made ‘tremendous progress since Axia's investment and involvement'.

Peter A. Hunter, Managing Director of Axia Capital Partners, LP and former Chairman of Hydroid, LLC, stated, "We are very proud of what the Hydroid/Axia team has accomplished in a short period of time. As a result of Hydroid's market success and growth, this has been an outstanding investment for Axia and Hydroid's shareholders. I am confident that Hydroid's success will continue into the future." 

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