Wichita, Kansas-based AgEagle will pay $45 million for Measure in a combination of cash and stock.
“Measure represents the next step on our company’s continued path as we evolve in becoming a global leader in end-to-end drone solutions; and it greatly complements our recent acquisition of advanced drone sensor leader MicaSense,” said Michael Drozd, CEO of AgEagle. “In addition to established industry partnerships with Microsoft, Google, Amazon Web Services and other leading technology companies, coupled with a growing global customer base for its Ground Control software platform, Measure brings to AgEagle a world-class team of drone technology experts with deep operational experience, tens of thousands of successful missions and industry recognition and respect as one of the world’s leading aerial intelligence solutions companies.”
Measure’s Ground Control technology allows drone operators to manage their drone fleets, including providing operational control and the ability to collaborate globally, visualize data and integrate with existing business systems and processes. Measure’s customer base also includes Marathon Pipeline, CNN, CoStar Group, the Los Angeles Police Department, Nationwide Insurance, SECO Energy, Skanska and Syngenta.
The company was founded in 2014 in Washington, D.C., and Austin, Texas, and is a past recipient of Frost & Sullivan’s Frost Radar Best Practices Award for Growth Excellence in the Drone Services Provider market. Its co-founder and CEO, Brandon Torres Declet, was recently appointed to the Federal Aviation Administration’s Drone Advisory Committee.
“AgEagle and Measure are completely aligned on our vision for the future of The Drone Age. As such, this merger represents a powerful marriage of strengths, experience and highly complementary capabilities and know-how that should earn us distinction as the leading provider of true end-to-end drone solutions on a global basis,” Torres Declet said.
Measure recently released several new features to its Ground Control platform, including Pix4D Fields, a powerful mapping engine.
In its 2020 full-year earnings announcement, released March 31, AgEagle reported revenue increased 333% to $1.3 million and its net loss grew to $4.9 million, compared to $2.5 million in 2019.
AgEagle recently partnered with Valqari — a Chicago-based startup that is building a drone delivery “mailbox” that allows drones to deliver packages directly into a safe and secure box — for a test on an Arizona golf course. At Sun City Country Club, the companies successfully delivered a package with beverages to a golfer on the course, flying the drinks from a Valqari Drone Delivery Station located outside the clubhouse restaurant to a second delivery station located on the course. Once the drone released the package and departed, the Drone Delivery Station was activated, relocating the package from the top of the station to a lower compartment for the golfer to retrieve the order.