Date: Dec 22, 2014 Source: Company Data (
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(Bothell, Wash., December 22, 2014) -- As announced prior on December 16, 2014, EagleView Technology Corporation, a leading provider of aerial imagery, data analytics and GIS solutions and Verisk Analytics mutually agreed to terminate their proposed merger transaction due to the Federal Trade Commission's decision to challenge the transaction after nearly a year of collective discussions by the parties.
"Despite the best efforts of both EagleView and Verisk, the FTC has maintained its position that the merger would have a negative effect on the competitive landscape -- a position EagleView fundamentally disagrees with and one that the company believes is unsubstantiated based on the facts as supported by the nearly 400,000 documents EagleView produced in response to FTC requests," stated Chris Barrow, CEO of EagleView.
The company contends that the FTC elected to argue in favor of theoretical views that potential constraints in the future may occur, as opposed to the presence of actual competition today. EagleView disagrees with the FTC case and matters included in its complaint and is very disappointed that the FTC resolved to block the transaction based on this view. The company also strongly believes that the proposed merger would have actually accelerated innovation and decreased costs across its markets as served. "Despite our belief that the FTC's action is misguided, we elected to avoid a protracted litigation process with the FTC and the inherent risks, substantial costs and distraction of our management and believe the termination of the merger agreement was in the best interests of our employees and shareholders. As such, we will be continuing as an independent company and are confident in the continued value and growth potential of our stand-alone business," continued Barrow.
EagleView remains soundly positioned to continue delivering leading-edge products and advanced technology solutions in support of both the Government and Commercial sectors, and further, the company's theme of driving innovation across its markets remains at the forefront of its going-forward initiatives as evidenced by its recently announced Property Drone Consortium.
"While this conclusion by the FTC is both puzzling and disappointing, EagleView will remain active in its efforts to maximize shareholder value by way of its core offerings, ongoing new product development, enhanced partnerships, intellectual property benefits, as well as other strategic initiatives," concluded Barrow.
