Google (GOOG) Acquires Drone Maker Titan Aerospace
Shares of Google Inc. (GOOG) were up +2.48 or +0.47 percent to $535.00 per share in pre-market trading on Tuesday, after the company announced yesterday the acquisition of drone and satellite maker Titan Aerospace. The terms of the deal were not disclosed. Google stock closed at $532.52 per share, up +1.92 or +0.36 percent in Mondayâ s regular trading session.
Mountain View, California based Google Inc. is an international Internet corporation best known for its search engine. The company has been aggressively expanding into other information technology fields through acquisitions. Its latest acquisition in January was Nest, a company that makes home appliances that connect to the Internet. Google had previously bought DeepMind and military robotics company Boston Dynamics late last year. Moriarty, New Mexico based Titan Aerospace is a privately owned start-up that manufactures Unmanned Aerial Vehicles or UAVs. The company was founded in 2012. Titanâ s operations will remain separate from Google, but the company will collaborate with GoogleMaps, GoogleEarth and Project Loon, an effort to deliver Internet service from high-altitude balloons. The acquisition of Titan by Google follows on the heels of Facebookâ s (FB
) purchase of UK company Ascenta, which manufactures similar drones to those made by Titan. Both Google and Facebook are competing to provide internet access to inaccessible locations. Titanâ s drones are a good fit for Google, the drones are solar powered and can remain airborne for years at a time. This could benefit Google keeping its Maps platform constantly updated in real time. Titan Aerospace made this statement on their website after the deal was confirmed, â
Published on Apr 15, 2014
By Jay Hawk