AeroVironment, Inc. acquired Intelligent Systems Group from Progeny Systems Corporation for $35.7 million.
February 23, 2021
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AeroVironment, Inc. (NasdaqGS:AVAV) acquired Intelligent Systems Group from Progeny Systems Corporation for $35.7 million on February 23, 2021. Under the terms of the transaction, AeroVironment acquired ISG for $29.7 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 targets. The ISG team will merge with AeroVironment’s MacCready Works Advanced Solutions team to focus on expanding the company’s customer-funded research and development revenue, while also adding critical expertise and capabilities to expand AeroVironment’s artificial intelligence and autonomy portfolio. The ISG facility in Virginia will now operate as AeroVironment’s new Artificial Intelligence Innovation Center. Within the AeroVironment Artificial Intelligence Innovation Center, the ISG team will collaborate with teams across AeroVironment to integrate cutting-edge technologies into the company’s growing offering and solution roadmap. Intelligent Systems Group has a revenue of more than $10 million in fiscal year 2020 revenue. All of Intelligent Systems Group are continuing in their current roles.
AeroVironment, Inc. (NasdaqGS:AVAV) completed the acquisition of Intelligent Systems Group from Progeny Systems Corporation for on February 23, 2021. Under the terms of agreement, consideration paid is subject to the terms and conditions of the ISG Purchase Agreement, including certain customary adjustments.
AeroVironment, Inc. designs, develops, produces, delivers and supports a portfolio of intelligent, multi-domain robotic systems and related services for government agencies and businesses. It supplies unmanned systems (UMS), loitering munitions systems (LMS) and related services primarily to organizations within the United States Government and to international allied governments. Its segments include Unmanned Systems (UMS), Loitering Munition Systems (LMS) and MacCready Works (MW). The UMS segment focuses primarily on small, unmanned aircraft system (UAS) products, medium UAS products, and unmanned ground vehicles (UGV) products. The LMS segment focuses primarily on tube-launched aircraft that deploy with the push of a button and fly at higher speeds than small UAS products. It also includes customer-funded research and development programs. The MW segment focuses on research and development in the areas of robotics, sensors, software analytics, data intelligence and connectivity.
AEROVIRONMENT, INC. 
