by DRONELIFE Staff Writer Ian M. Crosby
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With the commercial drone market projected by Fortune Business Insights to reach $47.38 billion by 2029 at a CAGR of 28.58%, Volatus’s acquisition of Empire Drone in the US positions it to capitalize on the market’s growth through its increasing global presence in the green drone technologies space, including EOLO Drones S.A.C. joint venture Volatus Aerospace LATAM in South America, Omniview Tech in Canada, and the recently acquired iRed Remote Sensing in the UK.
“Volatus is already a major distributor and developer of civil and defence drone solutions in Canada,” said Volatus CEO Glen Lynch. “The addition of Empire Drone solidifies our footprint in America and positions us for improved margins and accelerated growth in America with a US depot and US-based support.”
With the acquisition scheduled to close on December 31st, Empire Drone is anticipated to create C$2.5M worth of revenue in 2022 with a 6% EBITDA margin. The agreement will see Volatus purchase the entire company for US$300,000, equity of US$350,000 with a minimum floor price of $0.65, and earn out of US$350,000 in equity following one year anniversary based on the 30-day volume weighted average price (VWAP) with a minimum floor price of $0.65 per share and assume the long-term debt of US$225,000.
“Joining Volatus provides Empire with the resources needed to accelerate our growth,” said Empire CEO and founder Sean Falconer. “We’ll become a more important partner for our existing OEM suppliers and increase our offering with Volatus technologies such as the Aerieport remote nesting station, Hydra Crawler, and other Volatus defence and public safety products. It’s long been my goal to be a dominant player in the United States and this deal will give me the resources needed to get there.”
Ian attended Dominican University of California, where he received a BA in English in 2019. With a lifelong passion for writing and storytelling and a keen interest in technology, he is now contributing to DroneLife as a staff writer.
Miriam McNabb is the Editor-in-Chief of DRONELIFE and CEO of JobForDrones, a professional drone services marketplace, and a fascinated observer of the emerging drone industry and the regulatory environment for drones. Miriam has penned over 3,000 articles focused on the commercial drone space and is an international speaker and recognized figure in the industry. Miriam has a degree from the University of Chicago and over 20 years of experience in high tech sales and marketing for new technologies.
For drone industry consulting or writing, Email Miriam.
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