Nordic Unmanned to acquire Belgian drone-in-a-box company DroneMatrix

With drone-in-a-box (DiaB) solutions emerging as a growth segment within the drone industry, Norway-based Nordic Unmanned has entered into an acquisition agreement with DiaB specialist DroneMatrix.

Nordic Unmanned will initially secure a majority stake in Belgium’s DroneMatrix through share purchase and an equity issue, with an understanding that the remaining shares will be acquired based on a pre-agreed performance-based valuation matrix within the next three years.

This partnership will enable both companies to scale their commercial offerings through new services and solutions.

As Knut Roar Wiig, CEO of Nordic Unmanned, explains:

DroneMatrix’s fully autonomous AI-powered drone-in-a-box solution will add significant value to all our verticals, especially the security vertical. Furthermore, the fact that the technology is proven, with success in the Port of Antwerp-Bruges, ensures immediate scalability that will affect the Nordic Unmanned order backlog and 2022 revenues positively.

Related: Port of Antwerp uses drones to keep docks free of floating waste

DroneMatrix’s portfolio of solutions includes autonomous drones, intelligent docking stations, and proprietary AI-based software allowing autonomous drones to detect and follow objects. Company CEO Lander Vanwelkenhuyzen is positive that joining hands with Nordic Unmanned will allow DroneMatrix to realize future ambitious growth plans. The acquisition agreement also ensures that the current management team will continue to oversee the operations and the future development of the DroneMatrix.

DroneMatrix is currently valued at €3 million. To obtain control of 55% of the company, Nordic Unmanned will complete a share purchase of €0.975 million at end of Q2, while a €1.5 million equity contribution is likely to be fully paid before the end of 2022.

Within the next three years, Nordic Unmanned will acquire the remaining shares based on a pre-agreed performance-based valuation matrix, with a minimum valuation of €3 million and a maximum valuation of €8 million on an enterprise value basis. Until then, the outstanding 45% of the shares remain with the founders of DroneMatrix, the Vanwelkenhuyzen family.

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