Embvue, of Montreal, a provider of embedded systems, network and testing products, said Friday it plans to enter into a strategic teaming agreement with Edgewood Ventures, an Indian-based technology accelerator, on aerospace and avionics systems.
A memorandum agreement was signed by both companies Nov. 10. The memorandum agreement sets out the basic terms of the business relationship between the companies and sets a timetable for the formalization of a full teaming agreement, which is expected to be completed over the coming months, the companies said.
"The memorandum agreement that has just been signed is the first milestone in what we expect to be a long and fruitful relationship between our companies," said Phil Cole, VP sales and marketing at Embvue. "Edgewood has a very strong presence in the extremely important Indian aerospace market and we are delighted to be their technology and solutions partner for a number of key avionics products that will be being brought to market by Edgewood over the coming months and years in India."
"India is a key aerospace growth region, and we at Edgewood are focused on delivering innovative, world-class, home-grown avionics solutions that address the specific needs of this market," said Vishal Verma, founding partner at Edgewood Ventures. "Embvue possesses a number of key technologies and skills that augment our own, making them an ideal partner for us and for our other ventures in India, as we pursue current and future aerospace opportunities in India."