Israel’s BVR Systems last week said it has entered into license agreement worth about $ 2.9 million giving a major European defense company a worldwide, non-exclusive license to BVR’s Embedded Virtual Avionics (EVA) patents.
“We are very pleased by this agreement,” Ilan Gillies, BVR’s CEO, said. “This award is a further achievement in our long term strategy to capture a major share in the rapidly evolving global embedded training market, and an additional recognition of the added value of our unique IP.”
The company declined to name the European defense firm.
In addition to this agreement, BVR and the unnamed company will further evaluate joint business opportunities in the area of live and virtual training.
“We will continue to lead the market with innovative and mature solutions while protecting our IP rights,” Gillie added.