Israel’s Elbit Vision Systems, Ltd., a provider of automatic optical inspection and quality monitoring systems, has announced that together with its wholly-owned subsidiary, ScanMaster Systems Ltd., it has signed an agreement to acquire the business, assets and shares of Panoptes Ltd – a developer of machine vision systems for surface inspection, technical fabrics, textiles, glass and other woven materials.

In connection with the purchase, EVS will issue 800,000 shares and pay cash royalties equalling 3.5% of sales of EVS optical inspection systems between January 2006 and the end of December 2008 to Ma'aragim - Panoptes' controlling shareholder.