Benzinga | Feb 16, 2021 11:48AM EST

Red Cat To Acquire Drone Company Skypersonic

* Red Cat Holdings, Inc. (OTC: RCAT) inked an agreement to acquire drone products and software solutions provider Skypersonic, Inc.

* The financial terms of the acquisition remain undisclosed.

* Skypersonic's patented software and hardware solutions enable inspection services in restricted spaces inaccessible to GPS.

* Skypersonic's Skycopter is a minute caged drone to avoid damage. Its software system Skyloc allows drones to record and transmit data from long distances.

* Skypersonic's intellectual property portfolio includes eight U.S. and European patents.

* "We continue to build a strong platform of products and services in the drone industry, which is forecast to reach $40 billion by 2025," said Red Cat CEO Jeff Thomson.

* The company subsidiary Fat Shark collaborated with Skypersonic last month to complete a long-distance drone flight remotely.

* Price Action: RCAT shares are up 7% at $5.30 on the last check Tuesday.