Novacap, a leading North American private equity firm, today announced that it has completed its acquisition of OSI Maritime Systems (OSI), a Canadian-based company whose navigation and tactical technology supports 27 NATO and allied navies. Novacap led a Canadian consortium of investors, including Export Development Canada (EDC) and BDC Capital, to acquire OSI and support continued investment in its products and people.
Founded in 1979, and based in Burnaby, British Columbia, OSI develops electronic chart software and integrated navigation and bridge systems for surface ships and submarines. Over the past 15 years, OSI has grown from serving 16 navies to 27. Its navigation systems have been installed or contracted on more than 1,000 warships and submarines, with fleet-wide deployments across 10 navies.
Earlier this year, OSI became the first company globally to complete independent compliance testing against NATO STANAG 4564 Edition 3, the latest standard for Warship Electronic Chart Display and Information Systems. This accomplishment reflects years of development in partnership with naval customers whose systems must deliver strong performance and maximum uptime in harsh conditions at sea.
Novacap’s investment is strongly aligned with Canada’s Defence Industrial Strategy, which identifies Digital Systems and Uncrewed and Autonomous Systems as priority sovereign capabilities. With this transaction, OSI will become Canadian-owned, and its core intellectual property and product development will remain in Canada. Novacap intends to support investment in new products, including autonomous technologies, as well as further international expansion.
“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,” said Jim Girard, President and CEO of OSI. “Novacap understood that from our very first conversation. With its capital and operational support, we can keep investing in the products and support the navies we serve have relied on for decades.”
OSI is the first investment from Novacap Technologies Fund VII, which closed in February 2026 with nearly US$3.8 billion in commitments, including affiliated vehicles, and has identified defense technology as a focus area. Novacap prides itself on helping Canadian technology businesses expand globally and has a long track record of success. With OSI, Novacap is backing a Canadian defense champion with proven technology, long-standing customers and a clear opportunity to continue to grow its global leadership position.
“Canadian companies can build defense technology that allied navies trust,” said David Armstrong, Senior Partner at Novacap. “OSI is a global leader in naval technology, and we plan to build on that while preserving the independence and customer focus that made it successful. We look forward to partnering with management and OSI’s global customers to support growth both domestically and across allied markets.”
OSI’s Collision Avoidance Decision Aid (CADA), developed in collaboration with the Royal Canadian Navy, illustrates how OSI turns collaboration with Canadian naval users into practical tools for future operations. OSI is currently exploring an autonomy center of excellence to support continued development with the RCN.
“Launching the Tech VII Fund with OSI is a proud moment for Novacap. Its technology has earned the trust of allied navies around the world and shows what Canadian companies can achieve in defense. We are excited to support the team as it continues to innovate and grow,” said Pascal Tremblay, President and CEO of Novacap.
Jefferies LLC and Shea & Co. acted as financial advisors for Novacap on the transaction, and Lincoln International advised the sellers. Fasken acted as legal counsel for Novacap, and Blake, Cassels & Graydon acted for the sellers. Financial terms were not disclosed.
