Flir Systems has acquired Prox Dynamics, a developer of nano-class unmanned aerial systems, for $134 million in cash.
Prox Dynamics is the third company Flir has purchased this year, following the acquisitions of Point Grey in October for $253 million and Armasight for $41 million in July. Flir also bought video surveillance company DVTEL for $92 million at the end of 2015.
Based in Oslo, Norway and founded in 2007 by pioneers in nano helicopter technologies, Prox Dynamics manufactures aerial sensors for military and paramilitary intelligence, surveillance, and reconnaissance. The company’s Personal Reconnaissance System (PRS) features its Black Hornet aerial sensor used by soldiers in the field. The Black Hornet uses Flir's Lepton micro thermal camera, along with visible spectrum cameras, advanced low-power rotor technology, and proprietary software for flight control, stabilisation, and communications.
The addition of the Prox Dynamics business will augment Flir's Surveillance segment by extending Flir's Airborne sensor product line. Flir intends to invest in optimising the PRS platform. The Prox Dynamics business will become Flir's Unmanned Aerial Systems (UAS) line of business operating within the Surveillance segment.
‘This acquisition adds a unique unmanned aerial systems capability to our portfolio. The Prox Dynamics team has created a highly-differentiated solution, incorporating our Lepton sensor, for advanced intelligence, surveillance, and reconnaissance that fits well with our vision for growth for our Surveillance segment,’ said Andy Teich, president and CEO of Flir. ‘The team at Prox Dynamics operates with a commercial mindset, which is a great fit for Flir's “commercially developed, military qualified” operating philosophy.’
Flir anticipates the business and related transaction costs will be approximately $0.01 dilutive to its 2016 earnings per share.