Previously traded on the NYSE, the company was purchased by the Italian firm Finmeccanica (now Leonardo S.p.A.) in October 2008.

Diagnostic/Retrieval Systems, Inc (DRS) was founded in 1968 by Leonard Newman (whose son, Mark Newman, was the CEO until January 2012) and David Gross, two engineers working for Loral Corporation.

When Loral chose to pursue other technology, Newman and Gross founded DRS to continue their research, which ultimately led to development of the AN/SQR-17 passive submarine detection system, a product still used today.

In 2012, former United States Deputy Secretary of Defense, William J. Lynn III was appointed CEO of Finmeccanica North America DRS, replacing Mark Newman, who held the position since 1994.

The new Leonardo subsidiary will be listed on the Nasdaq and Tel Aviv stock exchanges under the name DRS with RADA shareholders keeping 19.5% of the combined business and Leonardo holding the remainder.