NIS 3 Million Acquisition Plus Six-Year Earnout
Israeli conglomerate IMCO Group on 23 September announced the acquisition of the assets and activities of Innocon Ltd, an Israeli manufacturer of micr-min- and tactical UAS, as well as mission systems for light aircraft.
The acquisition price (paid by an IMCO Group subsdiary active in the aviation and defence markets) was revealed as NIS 3 million (€800,000), plus an amount equal to 25% of the IMCO Group subsidiary’s net profit over a 72-month period commencing in January 2022, with a cumulative ceiling of NIS1.75 million.
Innocon’s unique technology and solutions will be integrated with the Group’s global production, project management and marketing capabilities. “[…] 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,” commented IMCO Industries CEO, Eitan Zait.