Transactions: ICx Technologies

  • Date/Status
  • Client
  • Description
  • Transaction Value
  • October 04, 2010
  • Exclusive financial advisor to ICx Technologies on its sale to FLIR Systems
  • $274 million

ICx Technologies, a leading developer and integrator of advanced sensor technologies for homeland security, force protection and commercial applications, agreed to be acquired by FLIR Systems following a competitive auction process that resulted from ICx’s Board of Directors’ assessment that a strategic partner with broader distribution channels, more developed support infrastructure and brand name recognition provided the best opportunity to maximize the potential of the company’s technology and product offerings.  The acquisition expanded FLIR’s capabilities into advanced sensors for chemical, biological, radiological, nuclear and explosives (CBRNE) detection for the defense and homeland security markets.  The acquisition also enhanced FLIR’s existing product suite with the addition of ICx’s advanced radars and integrated surveillance platforms.  FLIR’s purchase price of $232 million equated to a transaction multiple of approximately 8.8x CY2011 adjusted EBITDA.