iai logo 88.
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Israel Aircraft Industries (IAI) said Sunday it has invested NIS 28.75 million to buy a 30 percent share in visualization software provider Tiltan from its parent company Matrix.
Under the agreement, which is expected to close in the second quarter, IAI has the option to buy an additional 5% from Matrix for NIS 7.25m. IAI and Tiltan also have undertaken a strategic cooperation to conduct joint projects for development of various solutions to market in Israel and abroad.
Motti Gutman, CEO of Matrix, said it had refused higher offers for Tiltan, including taking it public, but felt that "in the long-term, the increase in value for Tiltan with IAI as a strategic partner would be much faster and higher."