FLYHT Aerospace Solutions has acquired the assets of Panasonic Weather Solutions (PWS) from Panasonic Avionics Corporation.
Among the assets being acquired 10 service contracts with airlines in North America, Europe and Southeast Asia, including a major Asian carrier; an Iridium Value Added Reseller (VAR) license, and a Federal Aviation Administration Parts Manufacturer Approval (PMA) capability.
“This is a fantastic opportunity for FLYHT to grow the business,” said Thomas R. Schmutz, Chief Executive Officer of FLYHT. “This agreement will gain the Company a large operator and establish a brand-new revenue stream—weather observations and services. We will include this new part of our business in our SaaS, or Software as a Service revenues, and we will periodically report on the weather component separately to demonstrate our progress with this new technology and customer base.”
The PWS fleet has more than 200 active units in service and holds existing agreements that could nearly double this number over the transition period. The agreement also gives PAC the right to resell FLYHT’s products and solutions, on a non-exclusive basis, to commercial aviation operators.