AgEagle Aerial Systems (UAVS) Announces Acquisition of Measure
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AgEagle Aerial Systems Inc. (NYSE American: UAVS) (“AgEagle” or the “Company”), an industry leading drone solutions provider, today announced its acquisition of Measure Global Inc. (“Measure”), an award-winning aerial intelligence solutions company, in a combination cash and stock transaction valued at approximately $45 million.
This is the third acquisition by AgEagle, and the second this year, as part of the Company’s core strategy to acquire and integrate only the best-in-class drone technologies required to deliver American-made, tailored drone solutions to the world. As commercial and industrial businesses continue to recover from the impact of the global pandemic, and the use of drones across a wide variety of industries and applications gain greater acceptance, AgEagle believes companies will seek trusted and robust partners capable of providing a one-stop shop for high quality drone solutions that effectively address business challenges. By adding Measure’s advanced software to the AgEagle platform, agriculture, commercial and industrial customers seeking to capitalize on the significant economic, safety and efficiency benefits made possible by drones used at scale now have a clear choice.
Founded in 2014 with operations in Washington, D.C. and Austin, Texas, Measure enables enterprises to realize the transformative benefits of drone technology through its game-changing Ground Control SaaS solution. Ground Control is a cloud-based, plug-and-play operating system that empowers pilots and large enterprises with everything they need to operate drone fleets, fly autonomously, collaborate globally, visualize data and integrate with existing business systems and processes. Measure has a world class customer base, including Marathon Pipeline, CNN, CoStar Group, LAPD, Nationwide Insurance, SECO Energy, Skanska and Syngenta, as well as many other Fortune 500 companies.
In August 2019, Measure was recognized by Frost & Sullivan with its Frost Radar Best Practices Award for Growth Excellence in the Drone Services Provider market. Measure received the highest score on Frost & Sullivan’s Growth Index, which reflects a company’s growth performance and track record, along with its ability to develop and execute a fully aligned growth strategy and effective sales and marketing tactics. Focused initially on commercial applications for drones, including agriculture, infrastructure, construction and insurance, Measure has also expanded into the government and military domain, and recently announced a project with the U.S. Air Force.
Michael Drozd, CEO of AgEagle, stated, “Measure represents the next step on our Company’s continued path as we evolve in becoming a global leader in end-to-end drone solutions; and it greatly complements our recent acquisition of advanced drone sensor leader MicaSense. In addition to established industry partnerships with Microsoft, Google, Amazon Web Services and other leading technology companies, coupled with a growing global customer base for its Ground Control software platform, Measure brings to AgEagle a world class team of drone technology experts with deep operational experience, tens of thousands of successful missions and industry recognition and respect as one of the world’s leading aerial intelligence solutions companies.”
Brandon Torres Declet, Co-Founder and CEO of Measure and recently appointed member of the FAA’s Drone Advisory Committee, added, “AgEagle and Measure are completely aligned on our vision for the future of The Drone Age™. As such, this merger represents a powerful marriage of strengths, experience and highly complementary capabilities and know-how that should earn us distinction as the leading provider of true end-to-end drone solutions on a global basis.”
For more detailed information about the acquisition, please refer to the related Form 8-K filed by AgEagle with the U.S. Securities and Exchange Commission and accessible at www.sec.gov.
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