Herley Industries Buys Innovative Concepts, Inc. for $20M Cash
Herley Industries Inc., which makes microwave technology for the defense and aerospace industries, on Wednesday has acquired Innovative Concepts Inc. for about $20 million cash. Innovative Concepts provides wireless communications technology used mostly in the defense industry, and has strong ties to the Navy and Air Force. Its last fiscal year revenues were around $28 million.
Herley now has a staff of more than 1,000 people, with the completion of the transaction, which it sees as a crucial link in its strategy to provide key communication links between vehicles, ships, ground stations, and the military’s larger communications network. Source: Associated Press report.