IMCO Group, an Israeli provider of comprehensive solutions for air, ground, and naval applications, announced that it has acquired the assets and activities of Innocon, an Israeli developer and manufacturer of micro, mini and tactical unmanned aerial systems as well as mission systems for manned light airplanes.
IMCO Group made the acquisition through one of its subsidiaries that, among other activities, provides aerial and aviation capabilities and solutions to meet the challenges of the defense, homeland security and civilian markets. The subsidiary acquired Innocon's assets and activities for NIS 3 million, plus an additional amount equal to 25% of the subsidiary's net profit during 72 months from January 1, 2022, and up to a total and cumulative ceiling of NIS 1.75 million, IMCO said.
Leading IMCO Group's aerial and aviation activities, IMCO's subsidiary will combine the newly-acquired capabilities with the advanced capabilities within IMCO Group’s other subsidiaries, and utilize IMCO's global production, project management and marketing capabilities as well as Innocon's unique technology and solutions, according to the group.
Eitan Zait, CEO of IMCO Industries, said "As a leading group in the defense industry, IMCO is pleased to announce that we have completed another step in our expansion strategy and acquired the assets and activities of Innocon, an innovative UAS developer and manufacturer. As a leading integrator of comprehensive defense solutions, we will keep offering our customers affordable and innovative tactical terrain dominance solutions that include the utilization of unmanned aerial, ground and maritime vehicles, controlled by a central command center integrating unique advanced software and artificial intelligence solutions."