Aeronautics wins $40m intelligence gathering UAV deal

Aeronautics Photo: PR

The follow-on order extends the previous deal with an international customer by two years.

Israeli UAV company Aeronautics Ltd. (TASE:ARCS) today announced that it had been awarded a $40 million contract as part of an intelligence gathering services project for a foreign customer.

The contract is for an existing customer described by aeronautics as "a major international entity deployed worldwide." The new agreement is in effect a follow-on order for a previous two-year deal, extending it by two years and expanding the contract.

Based in Yavne, aeronautics develops and manufactures drones (unmanned aerial vehicles or UAVs).

Aeronautics held its IPO on the Tel Aviv Stock Exchange in June at a company valuation of NIS 1 billion. The company's CEO is Amos Matan and its mains hareholders are the KCPS, Viola, and Bereshit investment funds.

Published by Globes [online], Israel business news - www.globes-online.com - on November 1, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

Aeronautics Photo: PR
Aeronautics Photo: PR
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