Codan Signs a $244M Deal to Put Zetron Inside 911 Call Centres

Codan to acquire Eventide for approximately $244 million enterprise value

Codan Limited (ASX:CDA), through its wholly owned subsidiary Zetron, Inc. (Zetron), has entered into a binding agreement to acquire 100% of US-based Eventide Communications LLC (Eventide) from its Founding Partners and Managing Director. The deal values Eventide at an enterprise value of approximately $244 million on a cash-free debt-free basis, inclusive of deferred consideration payable to Eventide’s Managing Director.

Eventide is on track to achieve CY26 revenue of approximately $49 million and EBITDA of approximately $17 million. Codan expects the acquisition to be mid-single digits EPS accretive in the first full year of ownership including synergies.

Completion is expected in early 2027, subject to regulatory conditions typical for transactions of this nature.

Alf Ianniello, Managing Director and Chief Executive Officer, Codan

“Zetron has worked with Eventide as a reseller for over 10 years, so we know the strength of the Eventide brand in market, the quality of their products and the dedication of their people to supporting public safety and first responder communities…”

Why Eventide fits Zetron’s command-and-control ecosystem

Zetron’s existing products cover call taking, alerting and dispatch. Eventide adds recording, reporting and operational insights to that end-to-end command-and-control offering.

A business embedded in 911 emergency call centres

Established in 1971, Eventide is a founder-led provider of mission-critical recording and analytics solutions. It has more than 9,000 live recorders fielded across 80 countries, including over 4,000 within 911 public safety answering points (PSAPs) in the US. It also services the utilities, transportation and defence industries, as well as other verticals.

Eventide’s technology records and securely stores calls, video, radio and screen activity in emergency call centres and operational control rooms. Customers can search, replay and export these records to investigate incidents, provide evidence for legal proceedings, and assess and improve staff performance.

Its products are NG911 ready and interoperate with a number of platform providers, including Zetron, which the company links to Eventide’s leading PSAP market share in the US.

Public safety customers, including all PSAPs in the US, are required to operate a recording solution for incident handling and evidentiary purposes. Eventide’s products will allow Zetron to provide this recording and evidence application, extending its product workflow from call taking and dispatch into recording, replay, compliance and investigation.

Critical Insights AI and growth levers

In 2025, Eventide released “Critical Insights AI”, a cloud-based extension of its recording solution that delivers automated quality assurance, operational intelligence and data analytics within a PSAP. The announcement states that AI capability is seen as a core component of 911 call centre modernisation across the US.

Codan outlined several areas it expects to build on after completion:

• Value-added services: Critical Insights AI will enable smart search and incident construction, live transcription and translation, and evaluation and coaching. Codan expects these to drive recurring revenue streams over time as they are incorporated into Zetron’s SALUS platform or sold as a separate module through partners.
• Geographic reach: By leveraging Zetron’s global presence and distribution network, Codan believes it will be able to expedite Eventide’s geographic expansion outside its core US market and broaden its customer reach into defence-related verticals.
• Margins and revenue mix: Eventide has invested significantly in product, engineering, support and operational capabilities over the past three years. This investment is expected to deliver a margin uplift over the medium term and enhance Codan’s exposure to non-conflict revenue streams.
• US distribution: Eventide’s established US distribution network and interoperability with other mission-critical technology providers will remain central to its growth strategy.

SALUS is described as a unified, cloud-based software and services platform combining Zetron’s command and control applications.

Eventide’s current Managing Director and Chief Technology Officer, Matthew Schwartz, and the senior leadership team will remain with the business post-acquisition. Schwartz said:

Matthew Schwartz, Managing Director, Eventide

“Eventide and Zetron have highly complementary products and both organisations have a shared commitment to helping public safety customers globally build more connected and intelligent mission-critical operations…”

Deal terms, funding and valuation

The purchase price represents a CY26 EV/EBITDA multiple of ~14x, or ~10x including run-rate synergies. EV/EBITDA divides a company’s enterprise value (the value of its operations, ignoring cash and debt) by its EBITDA (earnings before interest, tax, depreciation and amortisation). A lower multiple means the buyer pays less for each dollar of earnings, which is why including run-rate synergies, the cost savings and benefits expected once the businesses combine, brings the figure down.

All figures are in Australian dollars, based on the AUD/USD exchange rate as at 6 November 2026. Financials are in accordance with Codan’s accounting policies, before amortisation arising from purchase price allocation and excluding integration and one-off transaction costs.

How Codan will fund the acquisition

The acquisition will be funded through a combination of:

• Available cash reserves
• A partial drawdown of Codan’s existing debt facilities
• The issuance of up to approximately $11 million in Codan shares to Eventide’s Managing Director on a deferred issuance basis over a three-year period post Completion

The equity consideration is intended to align the Managing Director’s interests with Codan shareholders. The number of shares will be fixed at Completion based on the 30-day volume weighted average price of Codan’s shares prior to Completion, and shares will be issued annually in equal tranches over three years.

On the debt side, Codan has received credit approval for an additional $80 million debt facility. Following execution of documentation, expected shortly, total committed debt facilities will be $330 million, with a further $150 million in accordion capacity available subject to bank approval.

What happens next for Codan and Eventide

Several steps follow the binding agreement, each tied to the timing the company has stated:

1. Debt facility documentation: Execution of documentation for the additional $80 million facility is expected shortly, taking total committed debt facilities to $330 million.
2. Completion: The acquisition is expected to complete in early 2027, subject to regulatory conditions typical for transactions of this nature.
3. Transitional services agreement: Codan has entered into a transitional services agreement with Eventide Inc. covering administration, IT, HR, procurement and inventory management services while Eventide is integrated into Zetron’s systems and support services. The initial term is six months, with options to extend for up to a further six-month period, if required.
4. Integration costs: Integration and acquisition related costs, excluding transaction costs, are expected to be approximately $4 million in FY27.
5. Deferred share issuance: Shares will be issued to Eventide’s Managing Director in annual, equal tranches over a three-year period post Completion.

Eventide was separated out from related companies Eventide Inc. and Eventide Audio, LLC to operate as a standalone legal entity in 2023.

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