"We are excited to build on ForeFlight's tremendous success in personal, business and defense aviation so we can provide next-generation, integrated tools to our aviation customers today," said Ken Sain, Boeing Vice President of Digital Solutions and Analytics. "This acquisition also expands Boeing's rapidly growing, unparalleled digital services portfolio which will enable us to compete and win in the $2.8 trillion, 10-year services market."
The acquisition of ForeFlight aligns with Boeing's growth strategy of complementing organic investments with targeted, strategic investments that position the company for long-term growth.
"We are inspired by the future built at Boeing and what our teams will be able to create by coming together," said Tyson Weihs, co-founder and CEO of ForeFlight. "Our companies share a passion for delivering customers the essential tools that drive efficiency, productivity, and safety."
Terms of the approved deal are not being disclosed and do not affect Boeing's financial guidance or the company's commitment to returning approximately 100 percent of free cash flow to shareholders.
Headquartered in Houston, Texas, ForeFlight has approximately 180 employees.
Boeing is the world's largest aerospace company and leading provider of commercial airplanes, defense, space and security systems, and global services. As the top U.S. exporter, the company supports commercial and government customers in more than 150 countries. Boeing employs more than 150,000 people worldwide and leverages the talents of a global supplier base. Building on a legacy of aerospace leadership, Boeing continues to lead in technology and innovation, deliver for its customers and invest in its people and future growth.
Forward-Looking Information Is Subject to Risk and Uncertainty
Certain statements in this release may be "forward-looking" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding benefits and synergies of the transaction, and future business prospects, as well as any other statement that does not directly relate to any historical or current fact. Forward-looking statements are based on current assumptions about future events that may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially from these forward-looking statements. As a result, these statements speak only as of the date they are made and we undertake no obligation to update or revise any forward-looking statement, except as required by law. Specific factors that could cause actual results to differ materially from these forward-looking statements include the effect of global economic conditions, the ability of the parties to consummate the transaction, our ability to successfully integrate Millennium Space Systems' business and realize anticipated synergies, and other important factors disclosed previously and from time to time in our filings with the Securities and Exchange Commission.
Boeing Global Services
Mobile: +1 314-233-5004