Private investment firm Veronis Suhler Stevenson has invested capital and purchased ownership shares in Canadian flight operations data and software provider Navtech.
Though both companies issued media releases announcing the investment, they did not provide many additional details.
A Navtech spokesperson declines to say the value of the investment, and Veronis Suhler Stevenson could not immediately be reached.
Navtech, based in Waterloo, Ontario, provides a variety of products to passenger and cargo airlines, such as aeronautical charts and navigation data products, as well as flight planning, aircraft performance and crew planning software and services, according to its website.
"This new mix of investors shows confidence in Navtech and our growth strategy," says Mike Hulley, Navtech president and chief executive, in a media release. "We will leverage this investment to expand our market share in our traditional European footprint, the Asia Pacific region and in North America."
Navtech's "applications are well positioned to help airlines increase safety, maximise efficiency and reduce operating costs," says David Bainbridge, partner at New York City-based Veronis Suhler Stevenson, in that company's media release. "With its recently upgraded product portfolio, [Navtech] will continue to capture global market share and lead the development of an electronic flight bag solution."
The investment announcement comes just weeks after Navtech's Hulley announced in early June that the company intends to offer worldwide chart coverage to airlines by the end of the year.
Speaking ahead of the 2013 annual general meeting of IATA in Cape Town, South Africa, he said Navtech's charts will eventually cover 99% of the world's runways longer than 1,520m (5,000ft).
More coverage will help the company increase sales to US carriers, which primarily use products from US-based competitor Jeppesen, Hulley said, adding that Navtech will open a US office this year, possibly in Denver.
Other Navtech investors include Cambridge Information Group, based in New York City, and Externalis, based in Brussels, Belgium.