Calif. company buys Progeny Systems division for $30M
AeroVironment acquires Manassas-based Progeny's Intelligent Systems Group
Simi Valley, California-based unmanned aircraft systems (UAS) company AeroVironment announced Wednesday it has acquired Manassas-based Progeny Systems Corp.’s Intelligent Systems Group (ISG) for $30 million in an all-cash transaction.
ISG develops artificial intelligence-enabled computer vision, machine learning and perceptive autonomy technologies for the Department of Defense and intelligence community. The company reported more than $10 million in 2020 revenues and employs 40 people. All employees will continue in their current roles under the acquisition.
ISG will become part of AeroVironment’s MacCready Works Advanced Solutions team, which focuses on research and development.
“Acquiring ISG will enhance the intelligence of our growing, multidomain robotic systems portfolio, increase customer-funded research and development revenue and deepen our relationships with strategically important customers,” AeroVironment President and CEO Wahid Nawabi said in a statement.
The ISG facility in Manassas will operate as AeroVironment’s Artificial Intelligence Innovation Center, where the company will work on new AI capabilities.