Kraken Robotics Acquires Covelya Group, Updates 2026 Guidance

Kraken Robotics Inc. announced the completion of its acquisition of Covelya Group Limited for approximately 615 million Canadian dollars. The transaction is expected to enhance Kraken's position as a global provider of mission-critical subsea intelligence solutions for maritime security and offshore energy sectors.

CEO Greg Reid stated that the acquisition combines complementary products, technologies, and customer relationships from both Kraken and Covelya. "This combination strengthens Kraken’s growth potential and long-term outlook," Reid said, also referencing increasing global defense budgets and investments in autonomous underwater systems.

The acquisition aligns with Kraken's strategy to offer a portfolio of "dual-use" technologies. Anticipated benefits include deeper customer relationships in defense and maritime surveillance markets, an expanded product offering, and increased market reach. The deal also adds strategic geographic locations and bolsters technical capabilities with an experienced engineering team and advanced facilities.

Kraken has updated its 2026 financial guidance to reflect the acquisition's inclusion. The revised forecast projects consolidated revenue between 290 and 320 million Canadian dollars and adjusted EBITDA between 65 and 75 million Canadian dollars. Recent new orders for both Kraken and Covelya, totaling approximately 30 million Canadian dollars, contribute to the updated 2026 outlook.

Kraken Robotics specializes in the development of autonomous marine systems and associated software. This acquisition is poised to significantly strengthen the company's product portfolio and global presence within the subsea technology industry.