Flir Systems completes merger with Indigo Systems

Flir Systems has announced that it has completed the previously announced merger with Indigo Systems Corporation.

Flir Systems has announced that it has completed the previously announced merger with Indigo Systems Corporation.

Pursuant to the terms of the transaction, Indigo shareholders received cash consideration of approximately $165.5 million in exchange for all outstanding Indigo shares.

In addition, all outstanding Indigo stock options were converted into options to purchase approximately 710,000 shares of Flir common stock.

The transaction is valued at approximately $190 million.

Indigo, founded in 1996, is a leading developer and supplier of a wide range of cooled and uncooled infrared detectors, camera cores and finished cameras.

Indigo's estimated revenue for calendar year 2003 was approximately $55.0 million.

"With the timely completion of the merger with Indigo, we can now direct all of our energies to achieving the significant benefits we expect this transaction to deliver for Flir and its shareholders," said Earl Lewis, President and CEO of Flir.

Tim Fitzgibbons, Chief Executive Officer of Indigo, added, "All of us at Indigo are delighted to be part of Flir.

Together, Flir and Indigo make a dynamic team positioned to deliver higher performance, lower cost infrared products to our customers." As previously stated, Flir expects the transaction to be accretive to earnings beginning in 2004.

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