Codan Limited has announced the acquisition of US-based Eventide Communications LLC through its subsidiary Zetron for an enterprise value of approximately 244 million Australian dollars on a cash-free debt-free basis. The deal expands Zetron’s mission-critical command-and-control ecosystem by adding recording, reporting and operational intelligence capabilities, with the company expecting the acquisition to be mid-single digits earnings per share accretive in the first full year of ownership, including synergies.
Eventide, established in 1971, is a leading provider of mission-critical recording and analytics solutions for emergency call centres and operational control rooms. The company has deployed over 9,000 recorders across 80 countries, with more than 4,000 units currently fielded within 911 public safety answering points across the United States. Beyond public safety, Eventide also serves utilities, transportation and defence industries. The business records and securely stores calls, video, radio and screen activity, enabling customers to search, replay and export records for incident investigation, legal proceedings and staff performance assessment.
The strategic rationale centres on complementary product capabilities. Zetron serves public safety customers with command-and-control solutions including call taking and dispatch, but lacks recording capabilities that are actually required by all 911 call centres for incident handling and evidentiary purposes. Eventide fills this gap while also bringing the 2025 launch of Critical Insights AI, a cloud-based analytics and quality assurance tool that Codan expects will drive recurring revenue streams as part of Zetron’s SALUS platform or as a standalone module. Codan also plans to leverage its global distribution network to accelerate Eventide’s geographic expansion beyond its core US market and increase penetration into defence-related verticals.
Eventide generated approximately 49 million dollars in revenue and 17 million dollars in EBITDA during calendar year 2026, meaning the purchase price represents a 14 times EV/EBITDA multiple or 10 times when including run-rate synergies. Codan will fund the acquisition through available cash reserves, a partial drawdown of existing debt facilities and up to approximately 11 million dollars in deferred share issuance to Eventide’s Managing Director over three years. Integration-related costs are estimated at approximately 4 million dollars in financial year 2027.
A rules-based approach to leveraged ETFs
See how our quantitative strategy works and who it suits.
Explore the strategyBecome an authorised representative
Advise your clients under an established AFSL without building your own. Choose AR or CAR.
Become an AR or CARCompletion is expected during early 2027 subject to standard regulatory conditions. Investors should monitor progress toward this deadline and track how effectively Codan integrates Eventide’s capabilities into Zetron’s platform, as well as early uptake of Critical Insights AI among existing and new customers. This announcement has been flagged as price sensitive and material by the ASX.
View the full ASX announcement (PDF)
About Codan Limited (ASX: CDA)
Codan Limited is a global electronics and engineering business that designs and manufactures rugged hardware, software, and embedded systems for security, military, communications, and consumer markets. The company operates through two main divisions: Communications, which provides HF radios, encryptors, and tactical communication systems to government and military customers; and Metal Detection, which supplies metal detectors to consumer and mining sectors. Codan’s products are sold to customers in more than 150 countries across government, security, military, humanitarian, and commercial markets.
Become an authorised representative
Advise your clients under an established AFSL without building your own. Choose AR or CAR.
Become an AR or CAR