Volatus Aerospace acquires iRed Limited to expand presence in UK
Category: #world  By Saipriya Iyer  Date: 2022-10-19
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Volatus Aerospace acquires iRed Limited to expand presence in UK

Volatus Aerospace Corp. recently announced that it had signed an agreement to acquire iRed Limited, a British company that specializes in drone services and training. The acquisition will reportedly create a foundation for Volatus to expand its operations in the UK and may strengthen the organization’s thermographic capabilities.

Glen Lynch, CEO, Volatus Aerospace explained the high demand for thermography in areas, such as public safety, forestry, agriculture, and infrastructure and the growing need to reduce greenhouse gas emissions with the help of thermography imaging.

Lynch stated that the company had begun its expansion in the UK earlier this year and acquiring a recognized brand like iRed would help it improve its capabilities in thermography and achieve its sustainability goals.

For the unversed, iRed was founded in 2001 and started off as a specialist in infrared technologies, services, and training. However, although infrared inspection and training remain the company’s core competencies, the introduction of drones gave it several opportunities for using thermography.

This ultimately resulted in iRed’s expansion into a wide range of drone related solutions, sale of advanced equipment, and a diverse customer base. iRed President Ray Faulkner observed that partnering with Volatus would give the firm the required resources to grow its service business, extend its product range, and introduce its training programs on a global scale.

Faulkner further stated that Volatus shared its commitment to offering sustainable solutions and decreasing its carbon footprint and looked forward to the achievement of these goals.

According to the terms of the deal, Volatus will apparently make an equity investment of US$ 112,896 (£100,000) in iRed. In return, Volatus will purchase newly issued treasury shares that represent 51% of the total outstanding shares. The entire transaction is expected to be closed by October 31, after receiving regulatory, board of director, and TSX approvals.

Through the acquisition of iRed, Volatus will add another geographic expansion to its portfolio after it announced plans to establish a joint venture in Latin America in June this year.

Source credit: https://finance.yahoo.com/news/volatus-aerospace-expands-uk-acquisition-103000305.html



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Saipriya Iyer

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Saipriya Iyer

Saipriya Iyer develops content for Market Size Forecasters, Algosonline, and myriad other platforms. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had a previous experience of 3 years under her bel...

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