Two Canadian drone companies are celebrating the new year by merging in a multi-million-dollar deal.
Saskatchewan-based Draganfly is acquiring Dronelogics in a agreement that includes a $1.5 million payout to the Vancouver-based company’s shareholders
Dronelogics is known as a “solutions integrator for custom robotics, hardware and software that provides,” according to a company statement. Services include sales, training, rentals, maintenance, flying and data processing services.
For the last 10 years, the company has worked with Fortune 500 companies to provide insights into inventory metrics, asset management, volume-metric calculation and digitizing assets.
Draganfly, a 21-year-old company, specializes in UAV systems for sectors such as public safety, agriculture, industrial inspections and mapping.
According to a company press release, Dronelogics has recorded steady growth with revenues in excess of $2.2 million and expected 2019 year-over-year growth of 20 percent. Draganfly management expects the acquisition to yield $4.5-$5.3 million in increased revenue this year. That represents an increase in the company’s revenue of between 23-43 percent.
“Dronelogics has established itself as a trusted drone service provider. Its business is highly complementary to our business and the combined entity will deliver an enhanced product and service offering to the combined client base,” Draganfly CEO Cameron Chell said.
Justin Hannewyk will serve as president of the new subsidiary and will also be appointed to Draganfly’s board of directors.
The news comes on the heals of Draganfly’s recent release of new specialized, drone payload solutions for the agricultural research and environmental monitoring sectors.
The Corning microHSI hyperspectral sensor can record up to 155 user-selectable light bands, which allows researchers to narrow their focus to the specific light spectrums they want to target. The sensor is used across industries including precision agriculture, environmental monitoring and oil-and-gas. Draganfly will offer the sensor package on the Draganflyer Commander UAV platform as well as the DJI M600 Pro.
2015: Draganfly released a suite of multiple, changeable drone payload systems including, high resolution color camera systems, FLIR thermal imaging and advanced, multi-spectral data acquisition systems.
2014: The Smithsonian National Air and Space Museum added the Draganflyer X4-ES to its vertical flight exhibit in commemoration of it being the first unmanned aerial helicopter responsible for saving a human life.
2013: A Draganfly X4-ES equipped with thermal imaging technology helped rescuers locate the critically injured driver of a car following a midnight crash. After two hours of combing the area fruitlessly, officials released the unmanned X4-ES which quickly located the victim.