July 24, 2008
It was announced on July
22, 2008 that The
Boeing Company (“Boeing”) will acquire Insitu, Inc. of Bingen, Washington (www.insitu.com).
Insitu, a pioneer developer of unmanned, autonomous aircraft
for military and commercial activities, developed its long endurance,
low cost ScanEagle® unmanned aerial vehicle (UAV) in partnership with
Boeing. (ScanEagle® is a registered
trademark of Boeing.) ScanEagle has been used to provide services for the
U.S. Marine Corps,
U.S. Navy, and Australian Army in the Middle East. Insitu will operate as
an independent subsidiary of Boeing.
In November 2006 Sonex
Research, Inc. (“Sonex”)
licensed its Sonex
Combustion System (SCS)
heavy fuel engine (HFE) technology applicable to UAVs with HFEs that are
twenty horsepower or less to Insitu. The pending acquisition of Insitu by
Boeing will not affect the contractual terms of the licensing arrangement
between Sonex and Insitu. Insitu has stated that the acquisition by Boeing
will help to grow its business. Sonex is hopeful that the new affiliation
with Boeing will result in higher sales by Insitu of UAVs using licensed HFE
technology from Sonex.
Presented below is the
related announcement posted on Insitu’s website.
Leading Unmanned Aircraft
Systems Developer Insitu, Inc. to be Acquired by Boeing
BINGEN, Washington,
July 22, 2008 – In a move to further strengthen its
position as a global leader in the unmanned systems market, Insitu, Inc.
announced today it has agreed to be acquired by The Boeing Company, the
world’s largest manufacturer of commercial jetliners and military aircraft.
Insitu,
based in Bingen, Wash., designs, develops, and manufactures high-
performance and low-cost Unmanned Aircraft Systems (UAS) for Intelligence,
Surveillance, and Reconnaissance (ISR).
In this new relationship, Insitu will operate as a wholly owned subsidiary
of Boeing’s Integrated Defense Systems’ Military Aircraft division. “This
was a
strategic move to equip us to better serve our customers,” said Steven Sliwa,
President and CEO of Insitu. “It secures our future by allowing us to
leverage
the breadth and strength of The Boeing Company. At the same time, this
independent subsidiary model lets us retain the unique qualities of our
business
culture and environment that have driven the continuous innovation,
entrepreneurial agility, and customer-oriented solutions which have
positioned
us as a leader in our market.”
Boeing and Insitu have partnered since 2002 on the ScanEagle™ UAS
program, which has accumulated more than 100,000 hours of operational flight
hours with a range of US Government and international customers. The
ScanEagle system has proven to give warfighters significant tactical
surveillance advantages that aren’t replicated in the marketplace.
“We have realized tremendous success with our partnership to date,
delivering industry leading technology and services together,” commented
Charlie Guthrie, Insitu’s Chief Technology Officer. “This new collaboration
permits us to further reach into the talent and resources of The Boeing
Company to enhance and streamline the overall experience for our customers.“
The transaction, anticipated to close by end of September, is subject to
customary conditions and approval. Insitu, Inc. retained investment bankers
Houlihan Lokey for the acquisition, and terms of the sale were not
disclosed.
Insitu’s investors are led by Battery Ventures, Second Avenue Partners, and
Pteranodon Ventures.
About Insitu
Founded in 1994 as an entrepreneurial start-up with an initial vision to
provide weather services and track tuna from above the waters of the Pacific
Ocean, Insitu has become one of the world’s leaders of unmanned aircraft
systems in the Intelligence, Surveillance and Reconnaissance field. Insitu,
located in Bingen,
Washington, designs, develops, and manufactures
unmanned aircraft systems (UAS) for commercial and military applications.
Insitu introduced the first unmanned aircraft (UA) to cross the Atlantic
Ocean
and has partnered with Boeing to develop ScanEagle™. The company has
approximately 360 employees. For more information about the company, visit
www.insitu.com.
###
Contact:
Tabitha Orlando, Insitu Marketing and Communications (509-493-6382)
Fernando Vivanco, Boeing Communications (562-797-4582)
Dave Sloan, Boeing Communications (253-657-8008)
