PrecisionHawk Acquires Two Companies to Expand Business

9/21/18

By Rebecca Ayers, NCBIZNews

Raleigh-based PrecisionHawk Inc. has acquired HAZON Inc. and InspecTools Inc., two companies in the inspection delivery service business.

Both InspecTools CEO Paul Bingaman and HAZON CEO David Culler will join PrecisionHawk’s executive leadership team.

As part of the acquisitions, PrecisionHawk filed two documents with the Securities and Exchange Commission where it disclosed raising $2.2 million from a a debt sale and another $156,000 from four investors in an equity offering, according to two Thursday filings.

The debt sale came from one investor, according to the filing.

PrecisionHawk provides drones and aerial technology to provide data services in various industries, ranging from agriculture and farming to disaster relief and construction.

PrecisionHawk previously raised $75 million in an equity offering from 18 investors, according to a filing Feb. 5 with the Securities and Exchange Commission. The company planned to build its company further in the commercial drone space, according to CEO Michael Chasen.

Before joining PrecisionHawk, Chasen was the co-founder and CEO of Blackboard, an educational software company.

Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.

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