AgEagle Aerial Systems acquired Agribotix, LLC for Approximately $1.15 million upfront ($150,000 cash plus about $1.0 million in stock), plus a contingent earnout, a transaction completed in August 2018, structured as combination (cash and stock). The deal was a Asset purchase.
Agribotix, LLC operates in Precision-agriculture drone analytics software, is based in Boulder, Colorado, USA. AgEagle bought substantially all of the assets of Agribotix, LLC, a Colorado-based drone-enabled software company built around FarmLens, a cloud imaging and data-analytics platform for sustainable and precision agriculture. It was AgEagle's first acquisition and folded the target's assets into subsidiary Eagle Aerial Systems. Consideration was $150,000 in cash and 200,000 AgEagle shares valued at $5.00 each, plus a contingent earnout tied to future performance. The deal expanded AgEagle from farm-drone hardware into recurring analytics revenue.
Integrate the FarmLens analytics platform into AgEagle's service offering to extend advanced imaging and data capabilities and grow the addressable market to food manufacturers and larger farms.
Established FarmLens analytics platform and precision-agriculture customer base. Combined AgEagle drone hardware with Agribotix data analytics for a turnkey aerial-imagery offering. Assets acquired by subsidiary Eagle Aerial Systems, Inc.
Their FarmLens platform includes unique technology that I believe will significantly enhance our current service offering and analytic capabilities, while expanding our addressable market to include major food manufacturers and farmers that seek products and services that can seamlessly integrate within their current farm management system.Barrett Mooney, Chief Executive Officer, AgEagle Aerial Systems
Advisory firms were not disclosed for this transaction.