Corpay MAAnnouncement: Volatus Aerospace Targets AISPECO in $13M Aerial Tech Deal

Key Points

• Volatus Aerospace agreed to acquire AISPECO, a Lithuania-based aerial-technology company, for $10.5 million upfront—$3 million in cash and about $7.5 million in Volatus shares—plus up to $2.5 million in milestone-based earn-outs.
• AISPECO would add modular sensor pods, onboard computing and data-processing software for infrastructure inspection, mapping, defense, surveillance and drone applications, while expanding Volatus’ engineering and manufacturing presence in the European Union and NATO.
• Volatus estimates annual cost and direct synergies of CAD 1.4 million–CAD 2.6 million and revenue synergies of CAD 7 million–CAD 12 million by the second year after closing. AISPECO is projected to generate approximately CAD 10 million in fiscal 2027 revenue, with closing expected in October subject to customary approvals.

Volatus Aerospace said it has signed an agreement to acquire 100% of Lithuania-based technology company AISPECO, a transaction intended to expand its aerial intelligence capabilities across commercial infrastructure, defense, security and drone applications.

The proposed deal has base consideration of $10.5 million, including $3 million in cash and approximately $7.5 million in Volatus shares. It also includes an earn-out of up to $2.5 million tied to milestones over the next three years. Closing remains subject to customary conditions and approvals, although Volatus said it expects the transaction to close in October.

AISPECO, founded in 2020, develops sensor pods, onboard computing systems and software used in mapping, infrastructure inspection, surveillance and other aerial intelligence applications. The company has customers across North America, Latin America, Europe, Asia and Australia, according to Volatus. AISPECO’s founders and key leadership are expected to remain with the business following closing.

Adding Sensors, Software and Data Capabilities

Volatus said the acquisition would move the company further up the value chain by combining aircraft operations with sensors, software and data processing. AISPECO’s portfolio includes stabilized, configurable sensor pods that can carry multiple sensors, as well as software that consolidates data into a single display for decision-making.

According to the presentation, AISPECO’s systems can support mission-specific sensor configurations, stabilize data collection during flight, process information onboard or offline, and enable remote control of compatible payloads. The company said its largest installation can carry as many as nine sensors simultaneously.

Volatus said the modular architecture could allow similar payload technology to be used across different aircraft and mission types rather than requiring a separate system for each task. The company sees applications in utility corridors, pipeline patrols, geospatial mapping, infrastructure inspections, border monitoring, maritime awareness and wildfire response.

The company also said AISPECO has sold one system to a North American defense prime for terrain-data collection. Volatus described defense and public-safety applications as an early-stage opportunity, while noting that the technology could support intelligence, surveillance and reconnaissance missions.

European Presence and Drone Development

AISPECO’s Lithuanian operations would add engineering and manufacturing capacity within the European Union and NATO. Volatus said the location is also close to Canada’s military deployment in Lithuania under Operation Reassurance.

The company said it expects to support North American business from Canada while maintaining European product development and manufacturing in Lithuania. Management said it would begin evaluating supply-chain and cost-synergy opportunities after closing. Volatus added that AISPECO products could potentially be manufactured and repaired at its Mirabel, Quebec facility, though detailed plans remain under review.

Volatus also highlighted AISPECO’s developing HELIUX ATOM product, described as a lightweight lidar and high-resolution imaging payload for drones and mobile mapping. The company said the technology could extend AISPECO’s sensor expertise from crewed aircraft to Volatus’ uncrewed platforms.

During the question-and-answer session, Volatus distinguished AISPECO’s flight computer technology from its V-Cortex AI system. The company said AISPECO’s flight computer synchronizes sensors within a payload, while V-Cortex is an autonomy stack designed to operate unmanned aircraft and missions. Volatus said it sees longer-term opportunities to integrate the technologies into its broader drone platforms.

Synergies and Financial Outlook

Abhinav Singhvi, CFO of Volatus Aerospace, said management estimates annual cost and direct synergies of between CAD 1.4 million and CAD 2.6 million by the second year after closing. The company also identified CAD 7 million to CAD 12 million in estimated revenue synergies, primarily from expanding AISPECO products into Volatus’ U.S. pipeline and utility operations and providing Volatus with greater access to European oil, gas and utility markets.

Singhvi emphasized that the CAD 7 million to CAD 12 million figure represents estimated revenue synergies rather than an addressable-market estimate, contracted sales or an addition to the company’s financial outlook.

Volatus projected that AISPECO could generate approximately CAD 10 million in fiscal 2027 revenue with an adjusted EBITDA margin of 8% to 12%. Management said AISPECO currently has approximately CAD 5 million in contracted backlog and about CAD 35 million in unfactored sales pipeline. The outlook excludes proposed synergies and uncontracted defense programs.

Singhvi said AISPECO’s operations are relatively capital-light. He said free-cash-flow breakeven occurs at roughly EUR 7 million to EUR 7.5 million in revenue, while the current facility has estimated annual capacity of approximately EUR 20 million. He added that a CNC investment of about $160,000 would be expected once capacity reaches EUR 7 million.

Volatus said the earn-out is linked to six milestones involving business development, technology development and integrated business execution. Management said the earn-out performance goals are specific to AISPECO rather than dependent on simply combining the two companies’ revenue.

About Corpay (NYSE:CPAY)

Corpay is a global corporate payments company that provides businesses with a range of payment and expense management solutions. Its services are designed to help organizations manage payables, card programs, travel and fleet-related expenses, and cross-border transactions more efficiently.

The company serves customers across a variety of industries and geographies, offering software and payment tools that streamline accounts payable, vendor payments, and workforce payments. Corpay also provides specialized solutions for fleet management and international payments, helping businesses control costs and simplify financial operations.

Corpay operates as part of the broader financial technology and payment processing sector.

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