First Novacap Technologies Fund VII investment represents a significant step as Canada prioritizes homegrown digital systems and autonomous defence capabilities
BURNABY, British Columbia, Nov. 03, 2026 (GLOBE NEWSWIRE) -- 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 defence 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 defence champion with proven technology, long-standing customers and a clear opportunity to continue to grow its global leadership position.
“Canadian companies can build defence 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 defence. 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.
About OSI Maritime Systems
Based in Burnaby, British Columbia, OSI Maritime Systems develops navigation and tactical solutions for navies and maritime security agencies. Founded in 1979, the company builds software and integrated bridge and navigation systems for surface ships and submarines. Its technology has been installed on more than 1,000 vessels serving 27 NATO and allied navies. OSI is advancing maritime autonomy through its Collision Avoidance Decision Aid and related navigation capabilities. For more information: www.osimaritime.com
About Novacap
Novacap is a leading investor and one of Canada’s most experienced private equity firms. Founded in 1981 to partner with visionary entrepreneurs, Novacap focuses on middle market and lower-middle market companies in four core sectors: Technologies, Digital Infrastructure, Industries, and Financial Services. Novacap combines deep sector-specific expertise and strategic and operational excellence to partner with entrepreneurs and management teams. Since its inception, the firm has made primary and add-on investments in more than 250 companies. With over C$17 billion in assets under management, Novacap accelerates value creation through strategic growth initiatives and a strong focus on execution. For more information: www.novacapcorp.com
Noah Note: Yet another Major Canadian defence company shifting hands. Add it to Ultra Maritime and ISE, though in this case OSI goes a different route, going from a Private, Canadian-based enterprise to a Institutionally-backed but still Canadian firm.
Of course, OSI was on the msrket for a while now and there were some major companies whom looked at acquiring them, so this is a bit of a whimper in ehat could have been a far worse situation for many. Novacap themselves are already a known entity to many, but defence is one area they've traditionally not strayed into much.
OSI is one of Canada’s premier naval companies, providing their technology and Integrated Bridge and Navigation System (IBNS) to nearly every vessel current or planned in the navy including the AOPS, JSS, Asterix, the future River-class, and likely any future Continental Defence Corvette.
They've further supplied technology and systems to the Polish Navy, Royal Australian Navy, Royal Malaysian Navy, Portuguese Navy, and South African Navy. Their Tactical Dived Navigation System (TDNS) has also found a home on the Astute-class and Gotland-class, among others.
If we went into everything and every bit of OSIs work into alloed platforms we would be here all day. For decades they have been a pillar in Canada’s naval ecosystem, and one of our biggest export successes when talking about a Canadian exporter. They're foundational in a word.
So as usual to see them shift is a bit of an eyebrow raiser, but compared to ISE and Ultra at a far minor scale in terms of the shift happening. Still Canadian, little changed in the grand scheme (at least for now) makes this I feel a bit more somber of a feel. So many Canadian companies shifting hands, almost all in the Naval domain too. That isn't lost on me either, and all in such a short time…