Ondas Holdings closed its acquisition of the British drone inspection and analytics firm Cyberhawk on 10 August for $118.2 million in cash plus 581,732 restricted shares1. Cyberhawk works the analytics end of the business, turning survey flights over infrastructure into asset condition data rather than selling the aircraft that collect it.
This is the second close inside five weeks, following DZYNE and the $70 million of new orders the company booked in July. Ondas began the summer as a counter-drone and industrial hardware group. It ends the window owning a data product in Britain as well.
Buying rather than building is the common thread across the small-cap end of this sector this month, and timing explains more of it than ambition does. Capability bought outright arrives with customers already attached, which counts for a great deal when a tariff schedule and an export licensing regime are both about to reprice the hardware side of the same balance sheet. The exposure sits in integration. Two closes in five weeks is a heavy load of accounting for a company of this size, and nothing filed so far shows what the combined cost base looks like.
