Elecsys Corporation in Olathe is being acquired for $70.5 million by Lindsay Corporation of Omaha.

Elecsys provides proprietary machine-to-machine (M2M) communication technology solutions, data acquisition and management systems, and custom electronic equipment for industries around the world.

Elecsys will be a wholly owned subsidiary of Lindsay, which is a leading provider of mechanized irrigation equipment, water management systems and infrastructure products for the highway safety and railroad markets. Lindsay has manufacturing plants in six countries, more than 1,200 employees and annual revenue of $618 million.

“We believe this transaction marks the beginning of an exciting new chapter for Elecsys, our employees, our customers, and the industries we serve, while providing immediate value to our stockholders at a premium to our share price,” said Karl Gemperli, president and chief executive officer of Elecsys, in a release.

“The opportunity to be acquired by Lindsay presents a unique strategic opportunity to combine our industry leading M2M technology with Lindsay’s expansive global footprint and market presence to expand our solutions into additional industries and markets around the world.”

Rick Parod, president and CEO of Lindsay, said of acquiring Elecsys: “This represents a key strategic addition to Lindsay Corporation’s extensive competencies and is important to our long-term strategy of leading the market in advanced technologies for managing water use efficiency. The Elecsys team has done an excellent job of developing proprietary M2M solutions that are field proven with a strong customer base in water, energy production, agriculture and transportation.”

The companies are aiming to close the deal in January 2015.