French jet engine maker Safran is set to buy Preligens, a leader in artificial intelligence (AI) for aerospace and defense, in a deal valued at 220 million euros or $243.3 million.
Preligens, founded in 2016, will be renamed Safran.AI and will become a part of the Safran Electronics & Defense business area. Safran is targeting annual revenue of around €27.4 billion in 2024.
Preligens develops algorithms and software to analyse and automatically detect and identify objects of military interest using commercial and government satellite imagery, Safran said.
“By combining our strengths, we’re determined not only to support the development of Preligens’ AI solutions, but also to jointly open up entirely new areas of AI application in aviation, defense and space,” Franck Saudo, CEO of Safran Electronics & Defense, said.
Safran reported first-half revenue of €13.047 billion (up 19.2 percent) with net income of €1.432 billion (37 percent).
