Foresight in deal with Elbit Systems for image processing software

TEL AVIV (Reuters) - Israel's Foresight Autonomous Holdings signed an agreement with a subsidiary of Elbit Systems for exclusive marketing of its image processing software for the defence, paramilitary and homeland security markets.

Israel-based Elbit intends to integrate Foresight’s software into its products and market it globally. The software will be used in military and security land vehicles, including unmanned vehicles, Foresight said in a statement on Wednesday.

The agreement follows the evaluation of Foresight's QuadSight four-camera system, designed for obstacle detection in autonomous vehicles.

According to the agreement, Foresight will sell its software as a license to both Elbit and Elbit’s customers for several thousand dollars per license. Foresight will also provide

support and maintenance services to Elbit for an additional fee.

Foresight said it expects to receive a more substantial consideration in return for future development agreements to accommodate changes to its current software version.

(Reporting by Tova Cohen; Editing by Ari Rabinovitch)