Congratulations to Insitu!
In one of the most significant exits in the Alliance of Angels history, and, as John Cook quotes, perhaps the first and last M&A in Bingen, Washington....on July 22, Boeing announced its acquisition of Insitu. The Oregonian cited a price tag of $400M.
From following tuna in the Pacific to tracking insurgents in Fallujah, applications for Insitu's unmanned aircraft have evolved significantly over the company's 16-year history. Founded in Bingen, Washington in 1992 by Dr. Tad McGeer, the company is now led by CEO Steve Sliwa and a stellar management team. Bingen's population in 2006 was estimated at 699, and Insitu's employment has now reached 360 (note some operations are located in neighboring White Salmon, population 2300). It's rumored that Bingen now boasts the highest concentration of PhDs in Washington state. From any angle, Insitu has made an incredible impact on the region and the industry.
The timeline on the company's website tracks Insitu's impressive progress, with highlights including the flagship ScanEagle's 10,000 flight hours in support of Australian Army operations in Iraq and Afghanistan, and Sliwa's "CEO of the Year" award by Washington CEO magazine. Having entered into a strategic partnership with Boeing, and significantly grown its employee, customer and revenue base, Insitu was named the Alliance of Angels Company of the Year in May 2005 . At that time, AoA Chair Dan Rosen described: "Insitu exemplifies the great startup -- standing out by its vision, persistence, record of constant achievement in meeting its customers' needs, and understanding of the markets for its products. This has been a great investment for the angel investors." See the Technology Alliance press release for details.Alliance of Angels executive committee member Doug Bevis was an early investor in Insitu, and states: "CEO Steve Sliwa is unquestionably both the best Strategic CEO and the best Operating CEO I've encountered in over eight years of angel investing. And all this while thriving in the "Land of Giants" in Defense contracting, both domestic and international. Concurrently he has
developed a remarkably strong, diverse and complete management team, with a heavy focus on business processes and best practices. It has been a delight to watch Insitu grow, especially while knowing that American lives are being saved in Iraq and elsewhere as a direct result of Insitu's entrepreneurial energies."On behalf of the Alliance of Angels, we're thrilled to have been a part of Insitu's history, and wish the team and the town continued success in the future.
From following tuna in the Pacific to tracking insurgents in Fallujah, applications for Insitu's unmanned aircraft have evolved significantly over the company's 16-year history. Founded in Bingen, Washington in 1992 by Dr. Tad McGeer, the company is now led by CEO Steve Sliwa and a stellar management team. Bingen's population in 2006 was estimated at 699, and Insitu's employment has now reached 360 (note some operations are located in neighboring White Salmon, population 2300). It's rumored that Bingen now boasts the highest concentration of PhDs in Washington state. From any angle, Insitu has made an incredible impact on the region and the industry.
The timeline on the company's website tracks Insitu's impressive progress, with highlights including the flagship ScanEagle's 10,000 flight hours in support of Australian Army operations in Iraq and Afghanistan, and Sliwa's "CEO of the Year" award by Washington CEO magazine. Having entered into a strategic partnership with Boeing, and significantly grown its employee, customer and revenue base, Insitu was named the Alliance of Angels Company of the Year in May 2005 . At that time, AoA Chair Dan Rosen described: "Insitu exemplifies the great startup -- standing out by its vision, persistence, record of constant achievement in meeting its customers' needs, and understanding of the markets for its products. This has been a great investment for the angel investors." See the Technology Alliance press release for details.Alliance of Angels executive committee member Doug Bevis was an early investor in Insitu, and states: "CEO Steve Sliwa is unquestionably both the best Strategic CEO and the best Operating CEO I've encountered in over eight years of angel investing. And all this while thriving in the "Land of Giants" in Defense contracting, both domestic and international. Concurrently he has
developed a remarkably strong, diverse and complete management team, with a heavy focus on business processes and best practices. It has been a delight to watch Insitu grow, especially while knowing that American lives are being saved in Iraq and elsewhere as a direct result of Insitu's entrepreneurial energies."On behalf of the Alliance of Angels, we're thrilled to have been a part of Insitu's history, and wish the team and the town continued success in the future.
posted by Rebecca Lovell at
9:48 AM
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