The company was founded in 1902 as Norddeutsche Maschinen- und Armaturenfabrik GmbH, focusing on shipbuilding and naval engineering services.

After the war, the company shrank in size and began to focus on civilian technology, due to restrictions imposed by the Treaty of Versailles.

Starting in the 1960s, the company switched ownership several times, including several years spent as subsidiary of Friedrich Krupp AG (after 1965) and Bremer Vulkan (1991).

The Financial Times described the sale as "cut price" because the French company Thales bid €300 million, but was blocked from purchasing Atlas on national security grounds.

[2] The group also includes the associated subsidiaries Cybicom Atlas Defence (South Africa) and Advanced Lithium Systems (Greece)