Red Cat Completes Skypersonic Acquisition

Red Cat Completes Skypersonic Acquisition

Red Cat Holdings, Inc., a hardware enabled software provider, closed the acquisition of Skypersonic which enables drones to “Fly Anywhere” and “Inspect the Impossible”.  Its Skyloc software system allows a drone to complete inspection services in locations where GPS is not available, yet still record and transmit inspection data even while being operated from thousands of miles away.  Skycopter is a miniature drone fitted into a cage to avoid damage to inspected areas and the drone, and is ideally suited for environments where a manual inspection is not practical or possible.

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“The Inspection and Survey Market is a $21 billion industry and drones can provide these services more efficiently, quicker, and at a lower cost” stated Jeffrey Thompson, Chief Executive Officer of Red Cat Holdings.  “Industry leaders like General Motors and Aramco are already customers of Skypersonic and we expect their customer base to grow significantly over the next twelve months.”

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“We have allocated a portion of our recently completed financing to building an enterprise sales force which will be focused on increasing market awareness of the compelling solutions offered by Skypersonic” noted Joseph Hernon, Chief Financial Officer.  “We believe that Skypersonic will be a significant contributor to revenue growth in our new fiscal year which started on May 1, 2021.”

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