NAV founder and CEO Cynthia Freschi will retain what was described as a ‘significant stake’ in the company and will continue to be part of the senior management team.
Financial terms of the buyout were not disclosed.
NAV operates primarily as a systems integrator and is perhaps best known for its work with casinos and schools.
Commenting on the sale, Freschi stressed than personnel and ongoing operations will be unaffected by the sale and said the deal will aid NAV’s expansion into new markets.
Freschi said: “NAV’s business model has been and will continue to be based on three key principles: the implementation of innovative security systems solutions incorporating cutting-edge technologies, outstanding customer service and support, and responsiveness to changing technology trends and user needs.”
Jud Hill, managing director of Halifax, said he was particularly interested in growth in the gaming and education markets.
“Halifax views NAV as a unique investment, not only because of the intrinsic potential in NAV’s current lines of business in the gaming industry, but also, because of the growth opportunities in new markets that include homeland security, education and financial services,” Hill said.
