With the transaction, the Simi Valley unmanned aircraft company brings into its portfolio a firm with complementary capabilities.
Founded in 2004 and based in Petaluma, Arcturus UAV designs and manufactures Group 2 and Group 3 drones. Those groups are for unmanned aircraft weighing between 21 pounds but no more than 1,320 pounds. AeroVironment already provides aircraft in the Group 1 segment.
Arcturus UAV’s products include the JUMP-20, a multi-mission, medium endurance vertical takeoff and landing system requiring no launch equipment or runway and the T-20, a multi-mission, medium endurance catapult-launched system, according to a release from AeroVironment. Arcturus has about 270 employees.
Wahid Nawabi, chief executive of AeroVironment, said the company was excited about the opportunities the acquisition brings to accelerate its growth into the valuable Group 2 and 3 segments.
“Group 2 and 3 (unmanned aircraft system) and services, collectively, potentially represent more than $1 billion in annual contract value, according to an independent forecast,” Nawabi said in a statement.
The acquisition was announced Wednesday. Shares of AeroVironment (AVAV) closed up Thursday $29.12, or 30.3 percent, to $125.29 on the Nasdaq, on a day when that market closed down at a fraction of a percent.