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  • Axsys Buys Cineflex for $27M
Apr 2007
ROCKY HILL, Conn., April 13, 2007 -- Optical and motion control systems maker Axsys Technologies Inc. announced yesterday that it has acquired privately held gyrostabilized camera maker Cineflex LLC for $27 million in cash.

Cineflex makes highly stable, multisensor, multiaxis aerial surveillance platforms used in law enforcement and the motion picture and electronic news gathering industries. The company employs approximately 25 people at its Grass Valley, Calif. headquarters; total revenue for 2006 was $8.7 million.

Rocky Hill-based Axsys, a supplier of surveillance systems to the defense and homeland security markets, said it will create a new market for both companies by combining Cineflex's stabilization technology with its own visible and infrared optics and cameras to develop high-performance, military-grade airborne systems for surveillance and reconnaissance.

Stephen W. Bershad, chairman and CEO of Axsys Technologies, said in a statement that the acquisition is expected to generate $11 million for Axsys in 2007 and will be moderately accretive to earnings.

John Coyle, founder of Cineflex and co-owner, said, "The entire Cineflex team is excited to be joining Axsys Technologies. The technical fit could not be better."

Axsys said it could pay as much as $42.5 million for Cineflex if the company meets certain revenue goals over the next three years. If revenue in the fourth year exceeds $40 million, Axsys could make an additional payment of up to 10 percent of all revenue recognized from multiyear orders in backlog at the end of the earn-out period.

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A light-tight box that receives light from an object or scene and focuses it to form an image on a light-sensitive material or a detector. The camera generally contains a lens of variable aperture and a shutter of variable speed to precisely control the exposure. In an electronic imaging system, the camera does not use chemical means to store the image, but takes advantage of the sensitivity of various detectors to different bands of the electromagnetic spectrum. These sensors are transducers...
The technology of generating and harnessing light and other forms of radiant energy whose quantum unit is the photon. The science includes light emission, transmission, deflection, amplification and detection by optical components and instruments, lasers and other light sources, fiber optics, electro-optical instrumentation, related hardware and electronics, and sophisticated systems. The range of applications of photonics extends from energy generation to detection to communications and...
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