Ann: Spectur Limited to acquire 3 Crowns Technologies, page-22

It's been suggested a couple of times that SP3 might be better off within a larger enterprise where they have to devote less proportion of their expenditure on overheads.

Anyone have any ideas on a synergistic purchaser that might find a niche for Spectur as an acquisition target? Now that SP3 is acquiring 3Crowns I can see some potential synergies with a company like Codan (CDA):

1. CDA has a worldwide sales and distribution network to open up new markets for Spectur products
2. Technically/engineering driven (they have strong, business driven technical governance for their products and have demonstrated they can handle an eclectic range of products for different markets (e.g. metal detectors and communications systems)
3. Historically strong cash generation and commitment to cost control, but that's slipped a bit recently as they've built up inventory in a slowing market
4. Strong and growing communications division which offers some synergies with 3 Crowns
5. The development of the AI elements of Spectur would find a natural home in CDA with potential applications in CDA's existing markets (civil monitoring, communications and control systems, defence).

Codan could swallow Spectur with barely a balance sheet ripple but I don't expect it's of sufficient size to even be on their radar. Any other ideas for companies that might find SP3 of interest as an acquisition?