By Calvin Biesecker
Lockheed Martin [LMT] yesterday said it has agreed to acquire Florida-based Gyrocam Systems LLC, a developer and supplier of gyrostablized optical surveillance systems mainly for use on ground vehicles operated by the United States military, boosting its capabilities in the area of intelligence, surveillance and reconnaissance (ISR).
Terms of the deal, which is not expected to be material to Lockheed Martin’s finances, were not disclosed. Gyrocam was for sale and Lockheed Martin acquired the company through an auction process. The transaction is expected to close in the third quarter of 2009 pending various regulatory and other approvals.
Lockheed Martin said the acquisition is a strategic fit in that it “strengthens a core competency while addressing a customer priority” in ISR.
“The addition of Gyrocam’s technical acumen complements various Lockheed Martin efforts in ground combat, unmanned systems and logistics markets and also enhances Lockheed Martin’s expertise in tactical situational awareness and ISR product areas,” a spokeswoman for Lockheed Martin told Defense Daily. “These technology enhancements, coupled with Gyrocam’s ability to integrate commercial-off-the shelf components, will enable Lockheed Martin to further address urgent war-fighter needs and requirements in a timely manner.”
Gyrocam’s imaging systems are used on land, expeditionary, sea and airborne platforms. The company offers various multi-sensor ISR systems for day and night use, allowing real- time reconnaissance and threat identification and tracking from stand-off ranges, particularly for threats from improvised explosive devices during route clearance missions. Primary customers are the Army, Marine Corps and Air Force.
Gyrocam’s financial adviser on the deal was Lazard. Gyrocam has 160 employees.