EOS acquisition of MARSS delivers second exit for Graphene Ventures Fund III

Counter-drone deal strengthens EOS’s systems capability and marks another successful realization for Graphene Ventures’ defense technology portfolio.

Electro Optic Systems Holdings (EOS) has agreed to acquire MARSS, a European provider of counter-drone command-and-control technology, in a transaction that marks the second exit for a Fund III portfolio company of Graphene Ventures.

The deal, announced on January 12, will see EOS acquire the MARSS business, including its proprietary NiDAR command-and-control (C2) platform, related software and hardware, customer contracts, and intellectual property. Financial terms include an upfront cash payment of US$36 million, with the potential for earnout payments of up to €100 million linked to future contract performance.

MARSS develops AI-enabled sensor-fusion and C2 systems to detect, identify, and counter unmanned aerial threats. Its NiDAR platform integrates multiple sensors and effectors into a single decision-making architecture, enabling rapid responses to asymmetric drone threats across military, homeland security, and civil infrastructure environments.

For EOS, the acquisition represents a strategic shift from a component-focused supplier toward a fully integrated counter-drone systems provider. By combining MARSS’s software and AI capabilities with its own sensor and effector technologies, EOS aims to deliver end-to-end counter-UAS solutions, including turnkey systems for protecting critical infrastructure such as airports, power plants, and military assets.

The transaction also expands EOS’s geographic footprint and strengthens its presence across defense and security markets in Europe and beyond. EOS plans to integrate NiDAR into its existing remote weapon systems, enabling mesh-networked coverage that provides hemispherical protection against drone threats.

From Graphene Ventures’ perspective, the deal represents a significant milestone. MARSS was backed through the firm’s Fund III and the transaction marks the fund’s second successful exit, underscoring its focus on scaling advanced defense and security technologies with strong commercial and strategic relevance.

The acquisition is structured as an asset purchase and will be funded primarily from EOS’s existing cash reserves. The company said the transaction is expected to be broadly neutral to earnings and operating cash flow in 2026. Completion remains subject to regulatory and customer approvals.

EOS said further details of the transaction, including earnout mechanics and funding structure, are outlined in its full ASX announcement.