Ondas Inc. announced plans to acquire DZYNE Technologies in a transaction valued at $875.8 million, to be paid using a mix of cash and Ondas shares. Company statements describe the purchase as a step that will broaden Ondas into a full-service autonomous defense technology platform, building on its existing portfolio of drones, counter-drone systems and wireless communications products for government and industrial clients.
Under the terms disclosed, investors in DZYNE will receive $200 million in cash and about $675 million in Ondas stock. A majority of the stock component will be subject to a lock-up that lasts six months, limiting immediate disposition of those shares. Private equity firm Highlander Partners currently holds the controlling stake in DZYNE.
DZYNE is known for producing larger unmanned aircraft used in military surveillance and reconnaissance missions, along with smaller autonomous drones and counter-drone systems. Ondas, meanwhile, has been developing autonomous platforms, counter-drone technologies and wireless communications systems for government and industrial customers; the acquisition is presented as complementary to those offerings.
On the revenue side, DZYNE has projected sales of $191 million for 2026 and $300 million for 2027. Ondas updated its own revenue guidance in the wake of the DZYNE deal and the completion of its May acquisition of Omnisys. The combined company now targets $525 million in revenue for 2026, an increase from Ondas' prior forecast of $390 million.
The transaction structure, with a substantial stock component and a six-month hold period on more than half of that stock portion, ties a large part of DZYNE investors' consideration to the future performance of the combined company. Highlander Partners' majority position in DZYNE means the private equity firm will play a central role in the ownership profile following the closing.
Together, the two companies' product sets - larger unmanned surveillance aircraft, smaller autonomous drones, counter-drone systems and wireless communications - are cited as the foundation for Ondas' stated move toward a broader autonomous defense technology platform. Financial projections included with the announcement provide specific revenue targets for 2026 and 2027 from DZYNE and show how those figures contribute to Ondas' revised guidance for 2026 after the recent acquisitions.
Key points
- Ondas will acquire DZYNE Technologies for $875.8 million in cash and stock, expanding its autonomous defense technology offerings.
- DZYNE investors will get $200 million cash and roughly $675 million in stock; over half of the stock portion is under a six-month lock-up.
- Combined revenue targets lift Ondas' 2026 forecast to $525 million, up from $390 million, with DZYNE projecting $191 million for 2026 and $300 million for 2027.
Sectors impacted: Defense technology, unmanned systems, government contracting, industrial communications.
Risks and uncertainties
- Lock-up on more than half the stock portion - restricts immediate selling of a significant share of the consideration and concentrates dependence on future share performance.
- Integration of multiple acquisitions - Ondas has recently completed the Omnisys purchase and now plans to fold in DZYNE; successful consolidation of product lines and operations will be required to meet the revised revenue targets.
- Reliance on projected revenues - stated 2026 and 2027 revenue figures for DZYNE are projections and factor materially into Ondas' updated 2026 target.
The transaction combines DZYNE's unmanned aircraft and counter-drone capabilities with Ondas' existing autonomous and wireless communications offerings. The terms, ownership structure and revenue projections provided in the announcement outline both the strategic rationale and the financial expectations that underpin Ondas' new revenue target.