Boeing Buys UAV Maker Insitu
http://www.defensenews.com/story.php?i=3639256&c=A [2008-7-23]
Tag : Integrated Systems
"This was a strategic move to equip us to better serve ourcustomers," Steven Sliwa, Insitu president and CEO, said in acompany statement. "It secures our future by allowing us toleverage the breadth and strength of The Boeing Company. At thesame time, this independent subsidiary model lets us retain theunique qualities of our business culture and environment that havedriven the continuous innovation, entrepreneurial agility, andcustomer-oriented solutions which have positioned us as a leader inour market."
Boeing and Insitu have partnered since 2002 on the ScanEagle UASprogram, which has accumulated more than 100,000 hours ofoperational flight hours with a number of U.S. government andinternational customers.
Terms of the sale were not disclosed.
Insitu had revenues of $50 million in 2006, according to Inc.magazine.
"This was a strategic move to equip us to better serve ourcustomers," Steven Sliwa, Insitu president and CEO, said in acompany statement. "It secures our future by allowing us toleverage the breadth and strength of The Boeing Company. At thesame time, this independent subsidiary model lets us retain theunique qualities of our business culture and environment that havedriven the continuous innovation, entrepreneurial agility, andcustomer-oriented solutions which have positioned us as a leader inour market."
Boeing and Insitu have partnered since 2002 on the ScanEagle UASprogram, which has accumulated more than 100,000 hours ofoperational flight hours with a number of U.S. government andinternational customers.
Terms of the sale were not disclosed.
Insitu had revenues of $50 million in 2006, according to Inc.magazine.
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