Business · Companies · 6 hrs ago
Canadian-led consortium acquires NATO supplier OSI Maritime Systems
A Canadian-led consortium is acquiring OSI Maritime Systems, a navigation technology company based in Burnaby, British Columbia.
Montreal private equity firm Novacap is leading the group, which includes Export Development Canada and the Business Development Bank of Canada, alongside one Scandinavian investor.
OSI supplies 27 NATO and allied navies, including the Royal Canadian Navy, with electronic chart software and navigation systems for ships and submarines.
Founded in 1979, the company says its technology is installed or contracted on more than 1,000 vessels.
The deal keeps the company under mostly Canadian ownership as foreign defence firms have recently bought other Canadian maritime technology businesses.
Novacap says it plans to invest in OSI’s international growth and new products, including technology for autonomous operations.
The acquisition price was not disclosed, and OSI’s work with German submarine maker TKMS is continuing.
A Canadian-led consortium has acquired OSI Maritime Systems, keeping the NATO supplier under Canadian ownership.
The consortium is led by Montreal-based private equity firm Novacap and includes Export Development Canada and the Business Development Bank of Canada.
Burnaby, B.C.-based OSI develops electronic chart software and navigation systems for ships and submarines.
OSI says it serves 27 NATO and allied navies, and its technology has been installed or contracted on more than 1,000 vessels.
The financial terms of the acquisition were not disclosed.
- Who
- A consortium led by Novacap acquired OSI Maritime Systems. It includes Export Development Canada and the Business Development Bank of Canada.
- What
- The consortium acquired the Canadian navigation technology company.
- When
- The acquisition was reported on Nov. 3, 2026. The acquisition date was not stated.
- Where
- OSI is based in Burnaby, British Columbia.
- Why
- Novacap said it sees potential to invest in OSI’s international growth and new products.
This story does not have two clearly opposing sides.
OSI Maritime Systems was founded.
Novacap’s US$3.8-billion technology fund closed.
OSI signed a memorandum of understanding with German submarine company TKMS.
OSI completed compliance testing against NATO’s latest standard for electronic chart display and information systems in warships.
Israeli defence company Elbit Systems completed its acquisition of International Submarine Engineering.
The Globe and Mail reported that a consortium led by Novacap had acquired OSI.
- OSI founded
- 1979
- OSI location
- Burnaby, British Columbia
- Consortium lead
- Novacap, based in Montreal
- Navies served
- 27 NATO and allied navies
- Vessels with OSI technology
- More than 1,000 installed or contracted
- Acquisition terms
- Not disclosed
What people are saying
This was a company that ticked all the boxes for us. We think we can help invest to grow the business internationally. We want to invest in new products. We think they’re really fundamental to autonomous operations.
When a navy chooses a navigation system, it is making a 30-year decision, so continuity and reliability matter more in our market than in almost any other segment of systems and software.