Cyberhawk combines highly experienced UAV pilots and inspection engineers with its cloud-based, AI-enabled visual asset management software platform – iHawk – which customers use to drive maintenance decisions and manage complex projects. Cyberhawk has an unrivalled industry reputation with projects completed with high profile customers in over 30 countries, a rapidly growing US presence and strong partnerships with the major UAV OEMs.
Founded in 2008 and headquartered near Edinburgh, UK, Cyberhawk has bases around the world including the US, UAE and Malaysia and currently employs 60 people.
The transaction facilitates a full exit for the existing institutional investors, Scottish Equity Partners and Scottish Investment Bank as well as providing additional growth capital to fund further stages of software development and US expansion. The terms of the transaction were not disclosed.
Magnesium focuses on mid-market buy-outs and growth equity investments in technology and tech-enabled services for the energy sector.
Chris Fleming, CEO of Cyberhawk said:
“Cyberhawk is at a pivotal stage of growth in a very exciting industry. We looked to find an investment partner that provides both financial strength and that believes in the future of what we do and how we do it. Andy and the team guided us through this process, helping us to find the right partner amidst strong interest from both private equity and strategic buyers. Like all strong relationships, it comes down to trust, a willingness to be open and very good communication. We found this with Acuity.”
Andy Lister, Partner at Acuity Advisors, said:
“The inspection industry is experiencing huge change as UAVs are mobilised to capture high quality data at lower cost than traditional inspection techniques and companies embrace the digitisation of assets. With Magnesium’s support, Cyberhawk is ideally positioned to harness these opportunities and continue its rapid growth. It has been a pleasure to work with Chris Fleming and the rest of the Cyberhawk team and I wish them every success for the future.”
Matthew Byatt, Managing Partner at Acuity Advisors said:
“As an investor in fast-growing technology and tech-led businesses in the energy space, Magnesium Capital are the ideal partner for Cyberhawk and I am delighted that Andy and his team have been able to achieve this result. This is further endorsement of Acuity’s credentials in the Industrial Technology sector.”