EXTON, PA — Innovative Solutions & Support, Inc. (NASDAQ: ISSC) has announced a significant expansion of its military aviation capabilities following the acquisition of a license from Honeywell for various generations of military Display Generators and Flight Control Computers. This strategic move grants IS&S the exclusive rights to manufacture, upgrade, and repair these critical components, alongside securing the associated intellectual property rights and existing inventory necessary for ongoing production and support.
Shahram Askarpour, CEO of IS&S, expressed enthusiasm about the deal, stating, “We are pleased to secure this exclusive licensing agreement from Honeywell, further building on our recent successful transactions with this important strategic partner. This latest transaction not only strengthens our position in the military aviation market but also enables us to further gain operational efficiencies. We are confident this transaction will enhance our brand’s growth and further expand IS&S’s position in the global military aviation market.”
The acquisition marks a pivotal step for IS&S as it takes over responsibilities previously managed by Honeywell, thereby broadening its operational scope within the sector. This transition is expected to bolster IS&S’s market presence and operational capabilities.
In conjunction with the transaction, IS&S has secured an increase in its bank credit facility, demonstrating robust financial health and strategic foresight. Jeff DiGiovanni, CFO of IS&S, noted, “In connection with this transaction, we have increased the size of our bank credit facility, and we are appreciative of the confidence and continued support shown by our lender, PNC Bank. We maintain a strong financial position following the transaction, with our available liquidity under our expanded credit facility providing us the financial flexibility to both support our ongoing operations and continue the pursuit of our growth objectives, which includes investments in organic growth and additional strategic acquisitions.”
This acquisition exemplifies IS&S’s efforts to advance its growth strategy and strengthen its foothold in the military aviation industry, promising enhanced capabilities and expanded opportunities for innovation and development.
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