Innovative Solutions & Support announces acquisition of additional Honeywell product lines

Innovative Solutions & Support, Inc., today announced it has entered into an exclusive license agreement and acquired additional key assets for certain Communication and Navigation product lines from Honeywell International, Inc.. This license complements the previous Honeywell license and asset acquisition completed in June 2023.

Under the agreement, IS&S will license the exclusive Intellectual Property rights to manufacture, upgrade and repair additional Honeywell Communication and Navigation products. The purchased assets include existing inventory required to manufacture, repair, and upgrade the products.

“We are pleased by the opportunity to license these additional product lines from Honeywell, which is consistent with our growth strategy, and builds on the successful transaction completed last year,” stated Shahram Askarpour, Chief Executive Officer of IS&S. “These new products will further strengthen our offerings in the air transport, business aviation, and military markets, establish relationships with new key customers and enable us to further leverage the operational capacity in our state-of-the-art Exton manufacturing facility. The product lines previously licensed from Honeywell have provided us the opportunity to generate new incremental revenue streams, drive operating efficiencies, and partner with new customers to pursue new business development opportunities, and we see similar potential benefits from these new assets.”

“The additional product lines licensed from Honeywell are complementary to our legacy product portfolio, consistent with the key pillars of our acquisition strategy,” stated Jeff DiGiovanni, Chief Financial officer of IS&S. “Following the transaction, we maintain a strong financial profile, with our cash and availability under our existing credit facility providing us ample liquidity to support ongoing operations, as well as the financial flexibility to pursue our growth objectives, including additional potential acquisitions, which is becoming an important part of our growth strategy.”