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AeroVironment Acquires Progeny Systems Corporation's Intelligent Systems Group iconnect007.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from iconnect007.com Daily Mail and Mail on Sunday newspapers.
24 February 2021 AeroVironment, Inc. (NASDAQ: AVAV), a global leader in unmanned aircraft systems (UAS), today announced it has acquired Progeny Systems Corporationâs Intelligent Systems Group (ISG), a leader in the development of artificial intelligence-enabled computer vision, machine learning and perceptive autonomy technologies and provider of related services to United States government customers. The acquisition will significantly accelerate AeroVironmentâs development of advanced autonomy capabilities for the companyâs growing portfolio of intelligent, multi-domain robotic systems, increase customer-funded research and development revenue and broaden its advanced engineering services offering to defense and commercial customers. Under the terms of the transaction, AeroVironment acquired ISG for $30 million in cash and an earnout for Progeny Systems Corporation of up to $6 million over three years, based on the achievement of specific performance target ....