Axsys Technologies Acquires Cineflex

Axsys Technologies Inc. of Rocky Hill, Conn., has acquired substantially all of the assets of Cineflex LLC, a Grass Valley, Calif., manufacturer of precision gyro-stabilized aerial camera systems, for $27 million in cash. Additional cash consideration may be paid upon the attainment of certain revenue targets fixed largely over the next three years. The purchase is expected to enhance Axsys’ position as a supplier of surveillance systems to defense and national security customers. Cineflex’s multi-axis stabilization technology combined with Axsys’ optics and camera technologies will enable the development of military-grade airborne surveillance systems.