Volatus Aerospace Closes Acquisition of Synergy Aviation and iRed Remote Sensing

by DRONELIFE Staff Writer Ian M. Crosby

Today, Volatus Aerospace announced that it has finalized its acquisitions of Synergy Aviation of Edmonton Alberta, which was first announced on October 13, 2022, and of iRed Remote Sensing of Emsworth, England, first announced on October 28, 2022.

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Through its acquisition of Synergy Aviation, Volatus has achieved a position of influence within the sector of Oil and Gas infrastructure monitoring, possessing the ability to institute green drone technologies that will grant a competitive advantage for growth within the industry. Furthermore, the company’s acquisition of iRed will bolster its offerings within the infrared inspection field, as well as further extending the range of Volatus’s influence within the UK and Europe.

“The addition of these two companies adds approximately $7.5MM in proforma revenue and $1MM in proforma EBITDA for the first nine months bringing Volatus proforma revenue to $30MM with a proforma EBITDA of ($1.63MM) for the first 3 quarter,” said Volatus Aerospace CFO Abhinav Signhvi. “The strong sales and positive EBITDA are particularly encouraging on the heels of our recently reported Q3 2022 revenue of $11.12MM with an EBITDA of $39,547.”

“Our M&A strategy of adding accretive companies such as these to our portfolio provides added financial strength and strategic advantage consistent with our long-term vision,” added Volatus Aerospace CEO Glen Lynch.

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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.