FLIR to Acquire Prox Dynamics for $134M
The sale will see Prox Dynamics integrated into FLIR’s unmanned aerial systems line of business operating within the surveillance segment.
WILSONVILLE, Ore. – FLIR Systems announced it has acquired unmanned aerial systems maker Prox Dynamics for $134 million in cash.
Prox Dynamics is a manufacturer of small, covert unmanned aerial systems. After the acquisition is finalized, FLIR will have access to the company’s product line, and will continue to develop new devices to support military and para-military intelligence operations.
“This acquisition adds a unique unmanned aerial systems capability to our portfolio,” FLIR CEO and president Andy Teich says. “The team at Prox Dynamics operates with a commercial mindset, which is a great fit for FLIR’s ‘commercially developed, military qualified,’ or ‘CDMQ,’ operating philosophy. We are excited to welcome the Prox Dynamics team to FLIR and look forward to working together to further advance this remarkable system capability.”
Prox Dynamics was founded in Oslo, Norway, in 2007 by manufacturers specializing in covert surveillance systems. Among the company’s products is the pocket-sized Black Hornet aerial sensor, which can be hand-launched by soldiers on the battlefield to collect intelligence and support surveillance operations.
FLIR anticipates the business and related transaction costs will be approximately $0.01 dilutive to its 2016 earnings per share.
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