Posted on: 11 August 2015 by Ross McSweeny
Panasonic Corporation has completed the acquisition of satellite communication services provider ITC Global from Boston-based private equity firm, Riverside Partners.
Paul Margis, president and chief executive officer of Panasonic Avionics said, “We are extremely pleased to have completed the acquisition of ITC Global. Together, we will set a new standard in global satellite services by delivering robust entertainment and business critical communications solutions to the energy, mining, maritime and aviation markets.”As a result of this transaction, ITC Global becomes “ITC Global, A Panasonic Company” and will operate as an independent unit of Panasonic Avionics. The ITC Global management team will remain in place, under the leadership of Joe Spytek, ITC Global’s founder and chief executive officer, and will continue to focus on its customers in the energy, mining, and maritime markets. Panasonic Avionics will remain dedicated to the aviation market.
Panasonic Avionics’ satellite network already covers 99% of all airline flight hours and 98% of all maritime traffic routes, and the organisation is in the process of adding High Throughput Satellite capacity that will wrap around the globe.“Panasonic Avionics’ global capabilities and leadership in satellite-based communication will enable ITC Global to enhance our core service offerings to all of our customers,” said Spytek who will report to Margis. “This combination assures ITC Global’s long-term access to next-generation satellite technology resources and strengthens our ability to deliver optimal value and service to meet our customer’s current and future mission requirements.”