AgEagle Aerial Systems Inc. (UAVS) stock prices were down by 1.42% as of the market closing on October 18th, 2021. This brought the price per share down to USD$2.77. Subsequent pre-market fluctuations have seen the stock rise by 13.00%, bringing it up to USD$3.13.
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UAVS Stock Acquires SenseFly
October 18th 2021 saw UAVS stock announce having signed a definitive agreement with Parrot, a leading European drone group. The companies made the joint announcement, according to which the company will acquire Parrot’s wholly owned subsidiary, senseFly. The transaction is valued at USD$23 million and will be conducted entirely in cash and stock. SenseFly was founded in 2009 as a developer and producer of its proprietary line of eBee-branded, high performance, fixed wing drones for professional use. The autonomous drones are safe, ultra-light, and easy to use, being used by thousands of worldwide customers in agriculture, government, engineering, construction, and other industry verticals. The drones are designed to facilitate the collection of actionable aerial data intelligence.
SenseFly employs roughly 90 employees that help to generate annual revenues of around USD$12.5 million in the 2020 year. The partnering company has been established as a producer of the world’s most widely used fixed-wing drones, making it an idea strategic partner for UAVS stock. The collaboration is expected to accelerate the company’s core growth strategy, which centers on the delivery of proprietary, full-stack drone solutions. These solutions are applicable to the global agriculture, construction, energy, and government sectors, with future scope in package delivery.
Scope of Transaction
The partnering companies are confident that senseFly and its eBee line of fixed wing drones will continue to deliver tangible value, benefits, and efficiencies. Following the acquisition, Parrot will focus its expertise and resources on further developing and expanding its professional quadcopter drone equipment and drone data anaylsis software activities. The transaction will result in an influx of capital, while facilitating lower operational expends to bolster Parrot’s growth and existing industry standing. The partnering company will continue to address its core market segments with the help of the expended capabilities of the ANAFI line of professional drones and of the Pix4D software suits.
Future Outlook for UAVS Stock
UAVS stock is poised to capitalize on the expanded scope of opportunities afforded to it as a result of its collaboration with Parrot and senseFly. The company is keen to consolidate and expand its market footprint in the burgeoning marketspace. Current and potential investors are hopeful that management will be able to effectively leverage the resources at their disposal. This is hoped to facilitate consistent and organic increases in shareholder value over the long term.