Red Cat Holdings, Inc., a technology provider to the drone industry, announced that it has signed a definitive agreement to acquire Teal Drones, a supplier of commercial and government unmanned aerial vehicle technology. The all-stock transaction will add Teal Drones to Red Cat’s portfolio and strengthen the group’s spectrum of offerings across North America.
Teal will anchor the enterprise group at Red Cat holdings that includes Skypersonic, a remote inspection company and Dronebox, an analytics platform for cloud-based flight intelligence. Other companies in the Red Cat portfolio include Fat Shark, a drone imaging and communication company and Rotor Riot, a lifestyle operation focused on the consumer segment. Collected, the group presents a comprehensive and diversified array of drone technologies catered to all segments of the growing drone industry.
“Adding Teal to the family helps Red Cat naturally expand deeper into the enterprise and government spaces,” says Jeff Thompson, CEO of Red Cat. “Teal’s Golden Eagle drone platform and its existing access to the Department of Defense combined with the market reach and experience of Red Cat should well-position the joint group for unbridled success as the industry grows.”
Teal, a company founded by Thiel Fellow George Matus in 2015, launched with its Teal Sport and Teal One consumer drones, the first of their kind to be manufactured in the United States. A Utah-based operation, the company has since grown into the enterprise and government sectors with Golden Eagle, a U.S. government-approved drone designed for reconnaissance, public safety, and inspection applications. Teal’s open and modular platform allows a critical mass of applications to be developed and integrated for next-generation capabilities. Partners actively integrating technologies with Teal include Autonodyne, Tomahawk Robotics, Dronelink and Skyward.
With its Golden Eagle, Teal is one of only five companies that were recently selected by the Department of Defense in 2020 as approved small unmanned aerial system vendors for the U.S. government.
“With Red Cat’s operational expertise and access to capital, Teal is amazingly positioned to rebuild America’s drone industrial base across sectors,” says George Matus, CEO of Teal. “We are incredibly excited to join Red Cat as Golden Eagle scales production and further applications are released.”
Source: Press Release