Herley buys ICI for $20 million
- By Roseanne Gerin
- Apr 22, 2005
Microwave technology firm Herley Industries Inc. has acquired Innovative Concepts Inc. for $20 million, the companies announced.
ICI, a McLean, Va., developer and provider of wireless communications technology for the domestic and international defense communities, will operate as a wholly owned subsidiary of Herley. Andy Feldstein, ICI's founder, president and chief executive, will continue to run the company, which has more than 70 software engineers.
Acquiring ICI will enable Herley to offer data links between vehicles, ground stations and a range of diverse electronic equipment that will require Herley's products.
"The acquisition of Innovative Concepts completes our strategy to accumulate the technology we believe is essential for Herley to successfully compete in the defense industry of the future," said Lee Blatt, Herley's chairman. "The military requirements of the future involve unmanned forces equipped with precision weaponry with technology that detects and identifies, in real time, to eliminate terrorist threats."
The ICI purchase is part of Herley's strategic acquisition plan, the company said. In September 2004, Herley bought Reliable System Services Corp. of Melbourne, Fla., which makes satellite-based command and control systems for defense customers. In March 2004, Herley purchased Communication Techniques, Inc. of Whippany, N. J., which develops and produces signal generation components and integrated assemblies for digital radio and wired and wireless applications
Based in Lancaster, Pa., Herley develops and manufactures microwave technology solutions for the defense, aerospace and medical industries. It employs more than 1,000 workers and had 2004 revenue of $122 million. Its federal customers include the Air Force and Navy.