Sunnyvale, California-based Savi is a major player in the RFID field. The company makes hardware, mostly RFID tags, and enterprise software that tracks in-transit asset shipments.
Among its customers are the US Department of Defense, international defense agencies, civil agencies and enterprises that use it wares to monitor global cargo shipments. Founded in 1989, Savi has about 300 employees and former US Secretary of Homeland Security Tom Ridge sits on its board of directors.
Under the deal, which is slated to close in the second quarter, Sunnyvale, California-based Savi would become a Lockheed subsidiary.
Savi chief executive Vic Verma said its customers and workers would significantly benefit from the combination of the two companies’ technologies.
Bethesda, Maryland-based Lockheed, which has about 135,000 workers, last year posted revenue of $37.2bn.
