- Pointerra (3DP) has completed the settlement for its US$1 million (around A$1.2 million) purchase of US drone-based asset management business Airovant
- The purchase settled on June 4, following the completion of a due diligence
- Pointerra issued around 2.5 million shares, with just under 1.3 million shares on escrow
- Just before the market opens today, Pointerra last traded at 50.5 cents per share
Pointerra (3DP) has completed the settlement for its purchase of US drone-based asset management business Airovant.
Last month, the company announced it was set to purchase Airovant for US$1 million (around A$1.2 million).
The acquisition was settled on June 4, following the completion of due diligence and the creation of a business and assets sale agreement between the parties and the four founders of Airovant.
Under the agreement, Pointerra has purchased the company in shares, with over 2.5 million issued and 1.2 million on escrow for 12 months.
The purchase will improve Pointerra’s US operations in the facilities management and energy utilities market, while also shortening the sales cycle in these key sectors.
Pointerra and Airovant have been collaborating to service mutual customers since mid-2020.
"Attracting the Airovant team to bolster our US and global operations will also deliver new customers, revenue and ACV contribution – we couldn’t be happier with the acquisition," Managing Director and Co-Founder Ian Olson said.
"Airovant is thrilled to join the Pointerra team and combine our product lines," Airovant’s CEO and Co-Founder Jonathan Montague said.
"Increasingly, critical business decisions are made using digital asset data, which
requires an easy to use yet powerful platform solution to enable all stakeholders to
make informed decisions around their operations."
Just before the market opens today, Pointerra last traded at 50.5 cents per share.