Boeing Buying Insitu

The Boeing Co. has agreed to acquire Insitu Inc., a Bingen, Wash.-based developer of long-range autonomous unmanned aircraft systems. The deal is valued at approximately $400 million, according to Connie Loizos' report at peHUB. The company had raised around $55 million in VC funding from firms like Battery Ventures, Second Avenue Partners and Pteranodon Ventures.

 

PRESS RELEASE

 

In a move to further strengthen its position as a global leader in the unmanned systems market, Insitu, Inc. announced today it has agreed to be acquired by The Boeing Company, the world's largest manufacturer of commercial jetliners and military aircraft. Insitu, based in Bingen, Wash., designs, develops, and manufactures high-performance and low-cost Unmanned Aircraft Systems (UAS) for Intelligence, Surveillance, and Reconnaissance (ISR).  
 
In this new relationship, Insitu will operate as a wholly owned subsidiary of Boeing's Integrated Defense Systems' Military Aircraft division. “This was a strategic move to equip us to better serve our customers,” said Steven Sliwa, President and CEO of Insitu. “It secures our future by allowing us to leverage the breadth and strength of The Boeing Company. At the same time, this independent subsidiary model lets us retain the unique qualities of our business culture and environment that have driven the continuous innovation,
entrepreneurial agility, and customer-oriented solutions which have positioned us as a leader in our market.”
 
Boeing and Insitu have partnered since 2002 on the ScanEagle