SYDNEY, AUSTRALIA: Delta Drone International Limited (DLT) has entered into a conditional Share Purchase Agreement to acquire 60% of Arvista Pty Ltd, and a Shareholders Agreement relating to Arvista which includes a Call Option to acquire the remaining 40% of Arvista in the future.
The enterprise value upon which the acquisition is based is $1.6 million for the whole of the business.
Arvista is a Perth-based provider of aerial and terrestrial surveying services for the mining, engineering and construction industries. Established in 2012, it was one of the first certified operators in Western Australia to provide commercial UAV surveying services to mining and other civil construction and earthworks projects. As part of the due diligence process, the Company engaged independent specialists to undertake legal, financial and operational reviews of Arvista.
Management also conducted an independent assessment of the business suitability and growth opportunities and concluded that the acquisition of a strategic stake in Arvista not only provides DLT with an immediate presence in Australia, but also with an experienced team of drone aerial survey operators which currently serves a contracted client base of mining and other engineering-related companies, to capture important survey data and other important information.
Commenting on the acquisition, Delta Drone CEO, Christopher Clark said, “Arvista is an excellent strategic fit for Delta Drone’s operations in Australia. The company has an excellent reputation and a blue-chip client base, serviced by an experienced and professional staff who are keen to utilise our co-ordinated services approach to grow the market opportunity.
“We look forward to not only growing with the Arvista team, based on their experience and relationships in Western Australia, but to also assist Arvista in expanding their scope beyond pure surveying, to include the full range of drone-os-o-service products that DLT currently offer our multinational mining clients in the international arena, such as Al-based model analysis, security & surveillance, blast monitoring and asset inspection.”
Delta Drone International Chairman, Eden Attics said: “Australia is the key immediate growth market for Delta Drone International. To scale quickly in this market, we needed to ensure that we found a culturally aligned company with the skillset and capability to harness our broader industry-leading drone services. The transaction is well funded from our cash reserves and is expected to be earnings accretive and to provide the foundation for Delta Drone International to achieve growth in FY22.”