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Due to reorganizations in 1993 and 1998, the current Raymarine - at the time still under the name of the parent company - was created. In January 2001, Raymarine was formed when the division was acquired in a management buy-out backed by Hg. [4] In December 2004 the company was floated on the London Stock Exchange quadrupling Hg's investment. [5]
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An alternate orthography for the numerical part includes 24×7 (usually pronounced "twenty-four by seven"). The numerals stand for "24 hours a day, 7 days a week". Less commonly used, 24/7/52 (adding "52 weeks") and 24/7/365 service (adding "365 days") make it clear that service is available every day of the year.
In May 2010, the company acquired bankrupt Raymarine for $180 million. [35] [36] In December 2012, the company acquired Lorex Technology for $60 million. [37] Lorex was sold to Dahua Technology in 2018 for $29 million. [38] In May 2013, Andrew C. Teich was appointed President & CEO after the retirement of Earl Lewis. [39] [21]