Denver CO (May 3, 2017) - Headwaters MB advised Neya Systems LLC (“Neya” or the “Company”), a leading developer of unmanned systems for defense, homeland security, and commercial users, on its sale to Applied Research Associates, Inc. (“ARA”). Terms of the deal were not disclosed.

Neya is the recognized industry leader in perception navigation solutions for the most challenging unmanned ground systems used by military and commercial customers. 

ARA has a strong foundation in unmanned and robotic systems across a variety of markets including military and first response applications. ARA’s M-RAK family of products is one example of remote control operation and semi-autonomy applied to a variety of commercially available vehicles and heavy equipment used by the Department of Defense.

“We are very excited about the combined robotic expertise that ARA and Neya Systems will now provide to our customers.  The fusion of ARA’s history in robotics hardware manufacturing with Neya Systems expertise in autonomy allows us to provide one source for robotic solutions to a wide range of customer problems,” says David Timian, Senior Vice President of ARA.

Parag Batavia, President and Founder of Neya Systems, looks forward to Neya’s future with ARA. “I’m thrilled to bring Neya into the ARA family of companies. Over the last 7 years, we have developed a broad range of autonomy technologies for off-road, multi-robot navigation and control. ARA has a long history of successfully transitioning R&D to applied customer solutions that will allow us to jointly develop the next generation of advanced unmanned systems capabilities,” says Batavia.

“The ground robotics industry is facing a critical moment as the Department of Defense shifts toward multiple programs of record that would provide greater institutionalization and much larger production volumes”, notes Tess Oxenstierna, Managing Director at Headwaters MB.  “These programs are also expected to bring a cultural shift in warfighting, as robots move from smaller, niche communities, like explosive ordnance disposal teams, to core units, including the infantry.  Overall, the global unmanned military ground vehicle market is estimated to reach $18.7 billion by 2020,” notes Oxenstierna.


About Headwaters MB
Headwaters MB is an independent, middle market investment banking firm providing strategic merger and acquisition advice, capital raising and special situations advisory. Named "Investment Bank of the Year" by major organizations for its third consecutive year, Headwaters MB is headquartered in Denver, CO with seven regional offices across the United States and partnerships with 18 firms covering 30 countries. For more information, visit

About Neya Systems LLC
Neya Systems is a leading developer of advanced unmanned systems technologies in the United States. Neya works with defense, homeland security, and commercial customers to deliver novel solutions to some of the hardest problems related to autonomy, computer vision, and general unmanned systems development and deployment. Both government- and commercial-sector engineering managers consistently turn to Neya’s team when seeking expertise related to perception in difficult visual conditions. For more information, visit

About Applied Research Associates, Inc. 
Applied Research Associates, Inc. (ARA) was founded 1979 to solve problems of national importance. The company’s applied research delivers scientific solutions for national defense, homeland security, aerospace, healthcare, transportation, and manufacturing. With over 1,000 Employee Owners at locations in the U.S. and Canada, ARA offers a broad range of technical expertise in defense technologies, computer software and simulation, systems analysis, civil engineering, biomedical engineering, environmental technologies, and blast testing and measurement. For more information, visit


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