Codan has agreed to buy Eventide Communications, a US provider of mission-critical recording and analytics systems for emergency call centres, for an enterprise value of about A$244m, the ASX-listed company said on 9 November 2026. The deal is being made through Codan's US subsidiary Zetron.
Why Codan Limited (via Zetron, Inc.) is buying Eventide Communications LLC
Codan said Eventide extends Zetron's workflow from call taking and dispatch into recording, replay, compliance and investigation, since all US public safety answering points must operate a recording solution. It plans to use Zetron's global distribution network to take Eventide beyond the US and into defence-related markets, and expects Eventide's Critical Insights AI product to support recurring revenue. Zetron has resold Eventide products for more than 10 years.
“Eventide’s recording products are trusted by customers across all 50 states of the US and internationally for their reliability and intelligence capabilities.”
Deal terms and financing
Zetron will acquire 100% of Eventide from its founding partners and managing director. The consideration is funded from cash, a partial drawdown of Codan's debt facilities, for which it has credit approval for an extra A$80m, and up to about A$11m of Codan shares issued to managing director Matthew Schwartz in annual tranches over three years after completion. Eventide is expected to deliver CY26 revenue of about A$49m and EBITDA of about A$17m.
Regulatory approvals and timing
Completion is expected in early 2027, subject to regulatory conditions typical for transactions of this kind.
Market context
Eventide was separated from Eventide Inc. and Eventide Audio as a standalone company in 2023. Its senior leadership, including Schwartz, will stay with the business. Codan has expanded its US communications operations through earlier acquisitions including Zetron and Domo Tactical Communications.
