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Elbit Systems of America, Purchases Innovative Concepts, Inc. For $15 Million

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Elbit Systems
: 12 November, 2008  (Company News)
Elbit Systems Ltd. announced that on November 10 2008, its U.S. subsidiary Elbit Systems of America LLC, acquired all of the shares of Innovative Concepts, Inc. from Herley Industries, Inc. in a $15 million all cash transaction.
Innovative Concepts, located in McLean, Virginia, is a wireless communications technology firm specializing in design, production and support of real-time embedded systems and high-speed processing solutions for defense and homeland security applications.

Innovative Concepts will become part of Elbit Systems of America’s C4I Solutions business. This acquisition is part of the company’s strategy to provide advanced C4I systems solutions to the United States Department of Defense and Department of Homeland Security.

“We are proud to welcome the employees of Innovative Concepts to the Elbit Systems of America family. Their skills and experience provide an extremely valuable asset to our organization. We are pleased to take this important step towards enhancing our command, control and networking solutions capabilities in the US market. This acquisition compliments our battlefield management systems offering with data networking capability which is a key component of these systems” said Raanan Horowitz, President and CEO of Elbit Systems America, LLC.
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