L3Harris Technologies has signed a definitive agreement to divest EOTech business to American Holoptics, an affiliate of Koucar Management.
Financial details of the deal have not been disclosed.
EOTech has annual revenues of around $60m. It manufactures and supplies magnified field optics and accessories, holographic sighting systems for defence, law enforcement and commercial markets across the world.
L3Harris Technologies is set to complete the EOTech deal with American Holoptics in mid-2020, subject to customary closing conditions.
L3Harris Technologies offers advanced end-to-end solutions across air, land, sea, space and cyber domains for aerospace and defence markets to meet their mission-critical requirements.
It has approximately $18bn in annual revenue, 50,000 employees, and customers in 130 countries.
A privately held firm in the US, American Holoptics is a subsidiary of Koucar Management, which made strategic acquisitions of Elite Defense and HEL Technologies to have a strong foundation of advanced optical science and weapons systems distribution.
In February, L3Harris Technologies secured a multimillion-dollar contract from Air Force Life Cycle Management Center to develop a software platform that can enable analysts to easily use artificial intelligence (AI) to identify objects in large data sets.
As the US military and intelligence community handles significant amounts of data produced by remote sensing systems, automated searches using algorithms that can find pre-loaded images of objects makes identifying them easier. However, for these algorithms to be trained, real images are often unavailable either because they are rare or do not exist.
The L3Harris’ tool produces sample images, which can help train search algorithms to identify hard-to-find objects in the data. This facility makes it easier for military and intelligence community to embrace artificial intelligence.
L3Harris president for space and airborne systems Ed Zoiss said: “L3Harris is a premier provider of modelling and simulation capabilities that provide risk reduction for our customers who rely on advanced geospatial systems and data.
“Accelerating the use of AI will help automate analysis of large geospatial data sets so warfighters receive trusted data faster and more efficiently.”