As privatization approaches, Israel Military Industries bets on a market with enormous growth potential.
After decades of focusing operations on developing and producing missiles, rockets, explosives, and heavy weapons systems, Israel Military Industries Ltd. (IMI) has also come to understand where the big money is. In the past few months, the government-owned defense company launched a new department that will develop cyber systems. Oren Bratt has been appointed to head the new department, which will operate as an internal unit within the R&D department, under VP R&D and Business Development Dan Peretz.
As part of the process of establishing a cyber-security department, IMI will hire employees for the new program in this promising growth area. In so doing, IMI is falling into line with other Israeli defense companies that have already identified the significant growth potential of the field. Other companies that have already begun such programs include: Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT), Rafael Advanced Defense Systems Ltd., and Israel Aerospace Industries Ltd. (IAI) (TASE: ARSP.B1), which is leading its activity in the field through a close partnership with Cyberia.
IMI says that as part of its involvement in cyber security, it may form partnerships with start-ups in the field.
Originally reported by Globes