Safran buys AI firm Preligens for 220 million euros

FILE PHOTO: The logo of Safran is displayed at the Eurosatory international land and air defence and security trade fair in Villepinte, France, June 17, 2024. REUTERS/Benoit Tessier/File Photo

(Reuters) - French jet engine maker Safran said on Monday it had struck a deal to buy AI firm Preligens for 220 million euros ($243.3 million).

Preligens, which specialises in artificial intelligence for aerospace and defense, will be renamed Safran.AI and will become a part of the Safran Electronics & Defense business area.

It develops complex algorithms and software to analyse and automatically detect and identify objects of military interest using commercial and government satellite imagery, Safran said.

"By combining our strengths, we're determined not only to support the development of Preligens' AI solutions, but also to jointly open up entirely new areas of AI application in aviation, defense and space,” CEO of Safran Electronics & Defense, Franck Saudo, said in a press release.

($1 = 0.9042 euros)

(Reporting by Michal Aleksandrowicz in Gdansk; editing by Milla Nissi)