Costa Mesa-based Irvine Sensors Corp. has bought Richardson, Texas-based Optex Systems Inc. in a deal that could be worth more than $24 million, the company said Tuesday.
Irvine Sensors, which makes stacked chip assemblies, miniature cameras and night-vision goggles, said the deal nearly doubles its annual revenue of $23 million for the 12 months ended Oct. 2.
Optex Systems makes sighting systems that are used in most military land vehicles, the company said.
“It accelerates our transition toward a product-dominated business with the ability to more aggressively exploit our advanced technology,” said John Carson, chief executive of Irvine Sensors.
Irvine Sensors, which has a market value of about $45 million, paid $14 million in cash for 70% of privately held Optex Systems. If cash flow goals are met, Optex Systems will get another $4 million.
Irvine Sensors will issue more than $6 million in shares for the remaining 30% of the company if it gets shareholder approval at a meeting set for March 7.
The company is funding the deal with a loan, convertible debt and stock warrants.
Irvine Sensors shares were up a penny to $2.40 in trading Tuesday.
