FLYHT to Purchase Shares of CrossConsense, Adding Strategic Maintenance Capabilities, Expanding European Presence

FLYHT Aerospace Solutions and CrossConsense announced an agreement whereby FLYHT will acquire all of the outstanding shares of CrossConsense. This acquisition is expected to accelerate FLYHT’s strategic roadmap to build out a maintenance capability, and will fulfill the company’s goal to increase its presence in the European and Middle East markets.

CrossConsense develops and markets software to support commercial aviation maintenance management. Products include:
• A predictive maintenance troubleshooting and engineering tool;
• Software to support aircraft maintenance, repair and data migration; and
• Live data dashboards to assist aircraft maintenance teams.

CrossConsense has also constructed a progressive web application plus native apps that offer up-to-date data on an airline’s fleet status. Additionally, CrossConsense offers consulting and support services as well as hosting, database operation and performance monitoring of commercial aircraft maintenance applications.

The acquisition of CrossConsense is designed to further cement and extend a number of FLYHT’s key commercial objectives. Through this transaction, FLYHT will now be able to build a meaningful European presence, within a major aviation hub, as CrossConsense is based in Frankfurt, Germany. Additionally, the transaction is expected to expand FLYHT’s reach into software technical services in support of aircraft maintenance functions. Finally, the transaction is expected to bring new worldwide customers to both companies.

“The integration of our team and capabilities with those of FLYHT’s is expected to meaningfully enhance our capabilities to provide global solutions to our combined customer base of more than 100 airline and cargo customers,” said Udo Stapf, the founder and majority shareholder of CrossConsense. “Under the FLYHT umbrella of products and services, we will be better positioned to service the growing needs of our customers, helping them improve efficiency.”

Bill Tempany, CEO of FLYHT, stated, “Acquiring CrossConsense will expand FLYHT’s product line with predictive maintenance and maintenance system services – two areas that are in high demand by our customers and synergistic with our current offering. The ability to utilize real-time AFIRS data in a maintenance environment is anticipated to provide a substantial impetus to our customers’ Actionable Intelligence. Additionally, the combination is expected to establish a meaningful European presence for our company through which we can further build our global operations.”

Added Tempany, “We welcome the many talented maintenance software specialists at CrossConsense to the FLYHT team. Their extensive knowledge of aircraft maintenance management systems and development expertise in blockchain processes strengthens our knowledge base in areas that are especially aligned with FLYHT’s key ongoing strategic initiatives.”

Transaction Detail

Under terms of the agreement, FLYHT (through its wholly owned German subsidiary formed as part of this transaction) will acquire all of the outstanding securities of CrossConsense. The purchase price was within industry norms for revenue multiples of private companies. This agreement is subject to approval of the German Government and the TSX Venture Exchange and to be effective January 1, 2022, with a transaction close as soon as possible after those approvals are received.

Additionally, Udo Stapf will continue his involvement in the business, with an agreement in place for provision of services over the 18 months following the transaction’s effective date.

FLYHT also announced that Axel Christ from CrossConsense has been appointed managing director of the new organization. During his 15 years at CrossConsense he has made significant contributions, responsible for innovation and technology of the company’s software and services. Christ has been working with Kent Jacobs, president of FLYHT in Calgary, on aligning priorities and goals.