Cambridge Capital Acquisition Corp. Completes Merger with Ability

Cambridge Capital Acquisition Corp., a special purpose acquisition corporation (SPAC) that went public in 2013, announced that it has completed its merger with Tel Aviv, Israel-based Ability Computer & Software Industries Ltd., a provider of tactical communications intelligence solutions used by military and law enforcement agencies worldwide.  Ability offers products that support lawful interception, surveillance, decryption, cyber, and geolocation solutions.  

Anatoly Hurgin, CEO of Ability, stated, “This transaction elevates Ability’s profile as a NASDAQ-listed company and provides us with new capital and a public currency to facilitate our growth strategy. We expect to create long-term value for our shareholders through a number of growth initiatives.”

The deal's enterprise value is $225M payable in stock and cash.  In addition, there is an earnout comprised of 8.45M shares payable based on achieving net income targets in 2015, 2016, 2017, and 2018.  As part of the transaction, Cambridge changed its name to Ability Inc. and will begin trading under the ticker ABIL.  

Financial advisors include EarlyBirdCapital Inc., FBR Capital Markets & Co., and I-Bankers Securities Inc. for Cambridge and Migdal Underwritiing & Business Initiatives Ltd. for Ability.  Legal advisors include Graubard Miller and Semah Schneider & Partners for Cambridge, and Blank Rome LLP and Vibeke Dank Adv. for Ability.