AgEagle Aerial Systems acquired MicaSense, Inc. for $23 million, a transaction completed in January 2021, structured as combination (cash and stock).
MicaSense, Inc. operates in Drone sensors (thermal and multispectral imaging), is based in Seattle, Washington, USA. AgEagle acquired 100% of MicaSense, Inc., a Seattle-based maker of high-precision thermal and multispectral drone sensors founded in 2014, from France's Parrot group and co-founder Justin McAllister. The aggregate purchase price was $23 million, less debt and subject to a working-capital adjustment. About $3 million of the consideration was paid in AgEagle stock (540,541 restricted shares issued in April 2021), with the balance in cash and a holdback for indemnification. MicaSense products such as Altum and RedEdge-MX were distributed in more than 70 countries and served aerial mapping and analytics needs across agriculture, energy and inspection markets.
Add proprietary sensor technology and engineering talent to build out AgEagle's full-stack commercial drone systems across high-growth industry segments.
Patented sensors with global distribution in 70+ countries and integration partnerships with leading drone manufacturers. Sensor IP combined with AgEagle airframes and, later, Measure software to form an end-to-end drone platform. Operated as an AgEagle subsidiary (sensors business).
Joining forces with MicaSense will empower AgEagle to drive true innovation and advancements of commercial drone systems and solutions for a number of high growth industry segments.J. Michael Drozd, Chief Executive Officer, AgEagle Aerial Systems
Advisory firms were not disclosed for this transaction.