A Quercus Corporate Finance team, led by Michael Mortimor and Andrew Clegg, has advised the shareholders of Blue Bear Systems Group Limited (“Blue Bear” or the “Company”) on the sale of the Company to Saab UK Limited (“Saab”).

Blue Bear is a world-leading provider of AI-enabled autonomous swarm systems for complex defence and security applications. Based in Bedford (UK), Blue Bear employs 65 employees with a turnover of £8 million in 2022.

The acquisition is part of Saab’s continued international growth journey across key markets, which include the United Kingdom, Australia, the United States and Germany.

The combination of Saab’s world-leading products, services and solutions, and Blue Bear’s experience as an agile integrator of AI-enabled autonomous swarm systems will be a powerful driver of Saab’s future capabilities. Blue Bear will contribute to Saab’s existing activities worldwide and Saab will benefit from Blue Bear’s expertise in autonomy and swarming, as well as command and control systems.

Within Saab, Blue Bear will be a centre for Rapid Concept Development providing expertise and scaling-up innovation.

Building on the recent Wixroyd and Keronite transactions, Blue Bear once again demonstrates Quercus Corporate Finance’s strength in the industrial technology sector.

Dr Yoge Patel, CEO of Blue Bear said:

“Mike Mortimor was simply superb. Transactions are stressful - Mike’s adeptness in pulling together different strands of the process, using not just his Corporate Finance knowledge but also his ex-CFO experiences, allowed us to execute with confidence and pace. Grace and humour can often be a rarity in fiscal matters, but it is Mike’s natural style.

This remarkable style combined with his sheer talent and his eagerness to engage whenever needed, was just priceless. Most importantly, I felt very supported throughout the whole process - on my terms, not anyone else’s.”

Mike Mortimor, Partner of Quercus Corporate Finance, said:

“We are honoured and humbled to have been trusted by Dr Yoge Patel to advise on this significant transaction for the UK defence sector. Under the leadership of Dr Yoge Patel and her team, Blue Bear has continually been at the forefront of developing and delivering, AI-enabled autonomous swarm systems for the most complex environments – products and services that will play an increasingly vital role in ensuring a safer world. As a centre for Rapid Concept Development, Blue Bear has an exciting future within Saab.”