KVH Industries Buys Maritime Training Service Provider Videotel For $48.9 Mln

(RTTNews) - KVH Industries, Inc. (KVHI) Thursday said it has acquired Videotel, a producer of training films and e-Learning services for the commercial maritime industry. The 28.7 million pounds, or $48.9 million transaction is anticipated to be accretive to KVH earnings per share in 2014.

Videotel provides maritime training services, offering video, animation, e-Learning computer-based training, and interactive distance learning courses.

Martin Kits van Heyningen, KVH's chief executive officer stated, "We anticipate that Videotel's training services and the ability to test and certify seafarer training will support the new employment services we're rolling out on our Crewtoo® social media site."

The company financed the transaction from its cash on hand and proceeds from a new credit facility.