Less than a year after scoring a landmark U.S. Defense Department contract, Utah’s Teal Drones will become the flagship portfolio company of Red Cat Holdings in an all-stock acquisition deal announced Tuesday.
Teal joins a quartet of independently operating innovation companies owned by publicly traded Red Cat, all doing work in the fast-advancing drone and drone-related technology sector. No public valuations or deal values were shared as part of the announcement.
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Teal founder and CEO George Matus said his company, founded in 2014, was considering a variety of options amid new levels of interest generated by Teal’s selection as one of only five drone manufacturers approved by the Defense Department to provide the remote-controlled vehicles to the armed services and other federal agencies. Red Cat, he said, brings just the right mix of talent, experience and funding opportunities to help propel Teal to the next level.
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Source: Art Raymond
Photo credit: Press