Clayco Sells Drone Company to PrecisionHawk, Inks Exclusive Deal

By on November 9, 2018

by Tom Finan, Executive Director, Construction Forum STL

Clayco has sold its Uplift Data Partners drone company to PrecisionHawk, a national company which has contracts with more than 15,000 certified drone pilots,” WRAL Techwire  reported. Clayco also signed an exclusive agreement with PrecisionHawk to provide drone services.

The Raleigh-based company, formed in 2010 is using a $75 million which it raised in January to acquire drone companies across the country in order to achieve access to the pilots for its Droners.io. PrecisionHawk estimates the infrastructure drone market at $45 billion. A Goldman Sachs report said $13 billion will be spent on drones through 2020 and PricewaterhouseCoopers projects drones and related services as a $100 billion market.

Neither financial terms of the acquisition nor the Clayco contract were disclosed.

The Clayco deal helps PrecisionHawk’s “go-to-market stratgegy” in construction and “provides a substantial number of clients as well” in addition to a skilled group of workers and construction/design-forced technology, Chasen said in explaining the rationale for the deal.

In the announcement, Clayco CEO Bob Clark described PrecisionHawk as “leading the drone market by combining superior technology with deep expertise in the markets that they serve.” He adds that Clayco customers “gain access to a new level of technological sophistication for more scalable and robust operations.”

 

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