HUNTSVILLE, Ala. — Abaco Systems, former GE embedded technology and systems business, announced its separation from the General Electric Company (GE), opening a new chapter in the company’s history. News of the pending acquisition was reported on tEDmag.com in September.
“This is a momentous day for Abaco Systems,” said Bernie Anger, president and CEO of Abaco Systems. “Today, we start the next stage in our company’s future – pursuing a strategy focused on satisfying the needs of customers looking for high-performance embedded technology and systems that can withstand the harshest of conditions. I am very proud of our team who has prepared us for this day, and extremely thankful for the support that we have received from our customers during the transition process.”
“Veritas brings deep experience investing in the defense market, a vast network of relationships in the government and commercial markets, and a track record of adding significant value to its portfolio companies. We are excited by the prospect of leveraging the firm’s expertise as we accelerate the growth of the business,” said Anger.
Hugh Evans, a Managing Partner of Veritas, said, “Acquiring Abaco Systems is an exciting opportunity to partner with a leading provider of mission-critical technology solutions to both government and commercial markets. Guided by Bernie Anger and his exceptional leadership team, the company is positioned to benefit from long-term market trends including shifts towards open architecture, interoperable systems, smarter purchasing initiatives, and technological modernization. We look forward to applying our substantial investing and operating expertise to support the continued growth of Abaco Systems.”
Abaco Systems will remain at its current headquarters in Huntsville, AL. Existing senior management will continue to lead the business.
Tagged with GE, tED