Details concerning an Irish air radar procurement continue to be confidential.
navAero secures its position as a long-term player in the EFB market
In an aggressive move to secure navAero’s long-term future as a provider of Electronic Flight Bag (EFB) and related technologies to the aviation market, navAero founder and principal owner, Stefan Ridderheim, has bought-back the majority of share and now owns 81% of the company and has secured financing in excess of $4 million USD.
"The change in ownership was an absolute necessity to guarantee navAero’s long-term future," stated Ridderheim. "We need to be in control of our own destiny – and not subject to the changing views of investors that are often influenced by outside factors.
"In the right conditions, it makes sense to share the financial risks by involving investors/shareholders. And over the past months, we explored bringing new owners into the company. But in today’s economic environment, we found no good options that fit with our strategic plans. It became apparent that the only way to have truly committed financial resources was to take the aggressive step and secure the future for ourselves, which is exactly what I have done."
Ridderheim is not a new player in establishing dominant industry-leading organizations. He grew his last company from an idea into a major corporation which he took public through an IPO that was valued in excess of $50 million USD. The true benefit that the ownership change and owner-backed financing brings to navAero is the security of long-term stability for the company.
This change will allow the company to maintain its focus on EFB technology developments and innovations (like its Class 3 system) and not be distracted by shareholder demands. navAero now has the assets in-place that will further fuel its growth and secure its position as the most preferred, accepted and deployed EFB system in the commercial aviation market.
In past 45 days, navAero has secured six new airline customers – the majority of whom are based in Europe. And Mr. Ridderheim also announced today the appointment of Lars Eriksson as president of navAero. Eriksson is also one of the founding members of the company and has worked closely with Ridderheim during the past 15 years. Ridderheim has now assumed the position as navAero’s chairman and CEO.
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