Boeing agreed to buy partner Insitu to gain full control of the ScanEagle drone and expand in the $100 billion industry for unmanned systems...
Boeing agreed to buy partner Insitu to gain full control of the ScanEagle drone and expand in the $100 billion industry for unmanned systems.
The purchase “is a key building block for us to penetrate” the growing market, Boeing spokesman Fernando Vivanco said Tuesday.
The company didn’t disclose terms of the cash transaction. The purchase will close by the end of September and won’t affect financial forecasts, Boeing said.
The two companies have been partners since 2002 on the ScanEagle, used by the U.S. Marines and Navy in Iraq and Afghanistan.
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Insitu, founded in 1994 in Bingen, Klickitat County, builds the drone and Boeing markets it, Vivanco said. The market for unmanned systems in the air, ground and underwater is more than $100 billion, he said.
Insitu “has a lot of intellectual property that we can tap into, with 34 patents that they’ve been awarded and 13 more pending,” Vivanco said. “It’s really going to help us accelerate the ability to field the next generation of aerial tactical unmanned vehicles.”
Boeing gets about half of its revenue from military sales.