VIENNA, Austria, 14 Jan. 2016. The Frequentis Group, a strategic investor with headquarters in Vienna, Austria, will take over the main assets and projects of air traffic management and air traffic control (ATM/ATC) business COMSOFT GmbH, securing roughly 220 jobs and the office location in Karlsruhe, Germany.
The COMSOFT creditors’ committee unanimously approved a corresponding and binding offer.
Frequentis thus expands its portfolio, specifically in the areas of Air Traffic Control and Air Traffic Management.
Both sides agreed not to disclose details of the sale. The purchase agreement is concluded through the approval of the effective creditors' committee and acceptance of the offer; however, it is still subject to the usual conditions, which must be promptly met.
The responsible court in Karlsruhe also opened insolvency proceedings for COMSOFT on 1 Jan. 2016.
The sale of COMSOFT comes less than two months after filing for insolvency, and administrator
COMSOFT has a good reputation for its products and services, officials recognize.
"I am pleased about this extension to the Frequentis Group – the high quality solutions of the COMSOFT portfolio, as well as the competence of the COMSOFT team, will support the Frequentis Group in its efforts to develop innovative solutions for the ATM Market, consistent with international standards. This results in benefits and future-proof investments for our customers,” says Frequentis CEO Hannes Bardach.
The Frequentis-acquired air traffic control and air traffic management divisions will continue under the name "COMSOFT Solutions" with Gerald Enzinger, a manager with broad ATM experience, designated as managing director.
The CEO of COMSOFT GmbH filed an application to open insolvency proceedings at end of October 2015 with the District Court in Karlsruhe. The court subsequently appointed lawyer Christopher Seagon as provisional insolvency administrator. Seagon requested pre-financing of insolvency payments for approximately 250 company employees to secure wages and salaries until further notice. Following intensive discussions with key stakeholders, Seagon stabilized the business and continued operations in the interim. He quickly installed a systemic investors’ process and was able to find the best possible solution for the company and its employees. With the sale to Frequentis, the investor process has been successfully completed and only continues for the Industrial Communication (ICP) business unit.
The internationally active COMSOFT GmbH, headquartered in Karlsruhe, is involved in air traffic control and air traffic management. COMSOFT is a manufacturer delivering systems and services to civil and military air traffic control authorities and organizations, specifically air navigation service providers (ANSPs). COMSOFT has been a global player in this market for over 25 years.
Frequentis AG is an international provider of communication and information systems for control centers with safety-critical missions. Frequentis develops and distributes such solutions in the air traffic management (civil and military air traffic control, AIM, air defense) and public safety & transport (police, fire brigade, rescue services, shipping and railways) business segments. The company is global market leader in the field of voice communication systems for air traffic control with 30 percent market share, officials say.
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