ICx Technologies Files for IPO
ICx acquired several small firms to build its Detection business (see IBO 1/31/07), which includes the Fido explosive detectors and Griffin GC/MS systems. ICx’s sales through resellers and system integrators accounted for 37% of revenues in 2006. Wexford Capital and affiliated entities own 75% of the company.
Washington, DC 8/6/07—ICx Technologies, a developer of security products, has filed for a public offering of its common stock on the US NASDAQ exchange. The filing did not specify the offer price or date. ICx’s 2006 sales increased 15.7% to $90.2 million (see page 12). Product sales for its Detection business grew 416% in 2006 to $21.5 million, and contract R&D revenues increased 204% to $21.7 million. The company’s Surveillance and Solutions units accounted for 35.5% and 16.6% of sales, respectively. In 2004, 2005 and 2006, the company acquired 3, 16 and 2 companies, respectively. In 2007, it sold Nuvonyx and Harbinger Technologies.
