Volatus Aerospace Acquires UK-based iRed Remote Sensing Thermographic Survey Company
by DRONELIFE Staff Writer Ian M. Crosby
Volatus Aerospace announced its signing of an arm’s length definitive agreement to acquire Emsworth, England-based drone services and training company iRed Limited. iRed began as an infrared technologies, training, and services specialist at the time of its founding in 2001. While maintaining these specialties, the company expanded into a range of drone related services, equipment sales, and a diversified customer base. The company is currently targeting year-end revenues of $1M with an EBITDA margin of 7%
“We began our expansion in the UK earlier this year with the addition of a seasonal business development executive, Steve Emerson, to build our presence and provide regional leadership. iRed is an established brand with a solid base of resources from which to grow that will enhance our global capabilities in thermography,” said Volatus Aerospace CEO Glen Lynch. “Thermography is in high demand in verticals like public safety, forestry, infrastructure, and agriculture. These use cases are only growing as drone capabilities mature and there is higher demand to reduce greenhouse gas emissions through early detection via thermographic imaging.”
“I’m very proud of what iRed has accomplished over the past 20 years. Joining Volatus will provide us with the resources necessary to take our company to the next level,” said iRed President Ray Faulkner. “We look forward to expanding our product offering, growing our service business, and pushing our training programs to the larger global market. Volatus Aerospace shares our commitment to sustainability and reducing our carbon footprint, and we look forward to what we can accomplish together.”
Scheduled to close October 31st, the new agreement will see Volatus make an equity investment of £100K in iRed in exchange for newly issued treasury shares representing 51% of all outstanding shares. iRed will leverage investment for ongoing expansion activities. Volatus will assume over all long-term debt obligations of £221K, with the seller subject to operational and financial metric as per the agreement. Upon the agreement’s one year anniversary, the iRed investor(s) will have the option to sell the remaining 49% for up to £125K in exchange of Volatus shares at a valuation of $0.65 per share or 12 months anniversary price, whichever is lower.
The news of this agreement follows Volatus’s previous announcement this past June of their joint venture in Latin America, reaffirming the company’s commitment to providing its clients with environmentally friendly solutions.
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Ian attended Dominican University of California, where he received a BA in English in 2019. With a lifelong passion for writing and storytelling and a keen interest in technology, he is now contributing to DroneLife as a staff writer.
Miriam McNabb is the Editor-in-Chief of DRONELIFE and CEO of JobForDrones, a professional drone services marketplace, and a fascinated observer of the emerging drone industry and the regulatory environment for drones. Miriam has penned over 3,000 articles focused on the commercial drone space and is an international speaker and recognized figure in the industry. Miriam has a degree from the University of Chicago and over 20 years of experience in high tech sales and marketing for new technologies.
For drone industry consulting or writing, Email Miriam.
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