Red Cat Holdings (Nasdaq: RCAT) has completed its purchase of Utah-based unmanned aircraft system manufacturer Teal Drones in an effort to expand into the military sector and pursue business growth opportunities.
Following the closure of the all-stock acquisition deal, Red Cat will add Teal to its enterprise segment that also covers remote inspection company Skypersonic, the Puerto Rico-based drone technology and service provider said Wednesday.
“We can offer both consumer and enterprise drones with an extensive suite of additional software and hardware options and other technologies, along with an approved line of military drones for public safety, reconnaissance and inspection applications,” said Jeffrey Thompson, CEO of Red Cat.
The transaction was initially announced in mid-July.
Teal is the manufacturer of Golden Eagle, a drone with Department of Defense approval for use in reconnaissance, public safety, and inspection operations. The company offers open and modular platform to enable further development and integration with new capabilities.
Meanwhile, Red Cat has several subsidiaries focused on First Person View drones and equipment as well as drone software and hardware offerings.