Red Cat To Acquire Drone Company Skypersonic

Red Cat Holdings, Inc. (OTC: RCAT) inked an agreement to acquire drone products and software solutions provider Skypersonic, Inc.
The financial terms of the acquisition remain undisclosed.
Skypersonic’s patented software and hardware solutions enable inspection services in restricted spaces inaccessible to GPS.
Skypersonic’s Skycopter is a minute caged drone to avoid damage. Its software system Skyloc allows drones to record and transmit data from long distances.
Skypersonic’s intellectual property portfolio includes eight U.S. and European patents.
“We continue to build a strong platform of products and services in the drone industry, which is forecast to reach $40 billion by 2025,” said Red Cat CEO Jeff Thomson.
The company subsidiary Fat Shark collaborated with Skypersonic last month to complete a long-distance drone flight remotely.
Price Action: RCAT shares are up 7% at $5.30 on the last check Tuesday.