Leonardo DRS to acquire quantum cascade laser-based tech company
ROME. Leonardo DRS, a Leonardo U.S. subsidiary company, signed a definitive agreement to purchase Daylight Solutions, Inc., a developer and supplier of quantum cascade laser products and technology.
Leonardo DRS will pay $150 million for 100 percent of equity of the company. The purchase price includes an earn-out, to be released to Daylight Solutions shareholders upon achievement of certain financial and operating targets for the year 2017. Following the closing of the transaction, Daylight Solutions will be one of eight Leonardo DRS lines of business.
Both Daylight Solutions co-founders, Timothy Day and Paul Larson, will remain with Leonardo DRS.
The integration of laser and sensor systems developed by the two companies can be used in a variety of dual-use applications, including aircraft survivability products and medical and industrial applications, including imaging for cancer diagnostics and chemical detection.
Mauro Moretti Leonardo CEO and General Manager says, “Acquisition of Daylight Solutions is a first significant step forward towards the objectives of growth and development of the Industrial Plan 2017-2021. This acquisition will allow Leonardo DRS to extend the range of advanced solutions to civil and military customers around the world, integrating the Daylight Solutions laser technology in the core business of electro-optical and infrared sensors and systems.”
Officials say, Daylight Solutions is expected to grow significantly in the coming years because of the rollout of new U.S. military aircraft survivability systems.