Australian technology group Codan will pay about A$244 million to buy United States mission-critical recording specialist Eventide Communications, extending its lesser-known Zetron division into the emergency services market.

Codan announced the binding agreement on Monday. Its wholly owned subsidiary Zetron will acquire 100 percent of Eventide from its founding partners and managing director, on a cash-free, debt-free basis. The deal is expected to complete in early 2027, subject to regulatory conditions typical for transactions of this kind.

What Eventide brings to Zetron

Eventide's technology records and securely stores calls, video, radio and screen activity in emergency call centres and operational control rooms. The company released a cloud-based extension in 2025 called Critical Insights AI, which automates quality assurance, operational intelligence and data analytics for its customers.

The business is tracking towards calendar-year 2026 revenue of about A$49 million and earnings before interest, tax, depreciation and amortisation of approximately A$17 million. Codan said the acquisition should be mid-single-digit earnings per share accretive in its first full year of ownership, including synergies, with integration and acquisition-related costs of about A$4 million expected in the 2027 financial year.

A familiar partner, and how the deal is funded

Codan is not buying blind. Managing director Alf Ianniello said the company had been an Eventide reseller for more than 10 years, so it knew the business well before deciding to buy it. The purchase will be funded from available cash reserves and a partial drawdown of existing debt facilities, plus up to about A$11 million in Codan shares issued to Eventide managing director Matthew Schwartz on a deferred basis over three years.

Codan has also received credit approval for an additional A$80 million debt facility, taking its total committed facilities to A$330 million once documentation is completed. A six-month transitional services arrangement with a related company, Eventide Inc, will support the handover.

Codan shares were 0.5 percent lower at $54.21 on Monday morning, according to the Motley Fool. The stock has risen slightly more than 60 percent over the past 12 months, largely on strong trading from its military communications and metal detection divisions.