FLIR Systems Acquires OmniTech Partners

22.10.2009 Joint Ventures

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FLIR Systems, Inc (NASDAQ: FLIR) announced today the acquisition of OmniTech Partners, Inc. for $42 million in cash. OmniTech, based in Freeport, PA, is a leader in the development and manufacturing of weapon-mounted image intensified (I2) sensors, and image-fused I2/infrared imaging systems.  The acquisition provides a bridge for I2 users to the world of infrared and the future of multi-spectral night vision, allowing the merger of these two critical technologies to maximize the benefits of both.
OmniTech’s night sights and other I2 products, which operate in the visible and near infrared bands, are complementary with FLIR’s existing line of mid wave and long wave infrared sighting sensors and systems.  FLIR’s low cost, high performance infrared technology will augment OmniTech’s I2 technology and allow the creation of low cost, multi-spectral clip on solutions using OmniTech’s patented optical fusion technologies.  With infrared, I2 users will be able to detect targets more quickly despite camouflage, smoke, dust and adverse weather, and follow up with the high resolution I2 imagery for target identification. 
Operating as a part of FLIR’s Government Systems Division, OmniTech, which will be known as FLIR Government Systems Pittsburgh, will target weapon sights, night vision goggles and other night vision sensors for individual Soldiers, force protection, ISR, and other I2 applications that will benefit from the addition of infrared vision.  As the world’s leader in infrared detectors and cameras, FLIR’s high volume manufacturing capacity and low costs will be essential to the adoption of these combined products on a large scale. In addition to the acquisition of Salvador Imaging (now known as FLIR Advanced Imaging Systems), a maker of advanced CCD and EMCCD cameras, in June 2009, the acquisition of OmniTech further cements FLIR’s position as a full spectrum supplier of night vision sensors and systems. 
OmniTech is currently forecasted to reach $21.8 million in revenue by the end of 2009. The transaction is expected to be immaterial to FLIR’s earnings in 2009 and 2010.

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