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Aerodrome acquires FlyTech
Israeli unmanned aerial systems operator Aerodrome Group Ltd. announced that it has acquired FlyTech, which specializes in providing advanced aviation services and solutions in the commercial market. FlyTech operates in the commercial field and Aerodrome plans concentrating all its commercial activities in the acquired company. The acquisition will help Aerodrome enter the US commercial market.
Aerodrome will acquire from the sellers all the capital shares of FlyTech and after completion of the transaction Aerodrome will hold 100% of FlyTech’s capital shares, in full dilution. On the date of the completion of the transaction, Aerodrome will pay the sellers a total of NIS 4.3 million in exchange for FlyTech shares and will allocate to them 2.5 million regular shares of the company.
FlyTech is Aerodrome’s first acquisition. Aerodrome has bought a company that is an operator and thus works mainly in the commercial sector where the rate of growth in Israel and worldwide is increasing significantly. Due to its experience, the acquisition will help Aerodrome learn about methods and the work in the commercial sector, and will bring it major knowhow, including pricing methods, contracts with quality customers, and knowhow in creating value in target markets that the company is aiming for in the commercial market.