Menu
/REGISTER
Montecito
Giving Guide
Loading...
You are here:  Home  >  Banking & Finance  >  Current Article

AeroVironment makes $30M AI acquisition

By   /   Wednesday, February 24th, 2021  /   Comments Off on AeroVironment makes $30M AI acquisition

    Print       Email

AeroVironment, a drone company based in Simi Valley, announced Feb. 24 that it has acquired the Intelligent Systems Group from Progeny Systems Corp. for $30 million or more in cash.

The Intelligent Systems Group develops intelligence-enabled computer vision, machine learning and perceptive autonomy technologies and provides those services to United States government customers, AeroVironment said.

In addition to the $30 million in cash, Progeny Systems could earn up to $6 million more if the acquired group achieves specific performance targets.

The Intelligent Systems Group is based in Virginia and has 40 employees and more than $10 million in revenue in 2020. All of the employees will stay on in their current roles, and the team will merge with AeroVironment’s MacCready Works Advanced Solutions, AeroVironment said in a company news release.

    Print       Email

You might also like...

Deal for new Santa Paula Hospital land ‘a long time in the making’

Read More →