Cyberhawk, a global leader in drone-based inspection and critical infrastructure intelligence, joins Ondas to accelerate its next phase of growth.
London, UK — 18 June 2026 — Funds advised by Magnesium Capital LLP (“Magnesium”) have agreed to sell Cyberhawk Holdings Limited (“Cyberhawk”) to Ondas Inc. (Nasdaq: ONDS) in a transaction valued at approximately $125 million. The transaction represents a full exit for Magnesium and its co-investor, Columbia Threadneedle Investments including CT Private Equity Trust plc. Completion is expected in the third quarter of 2026, subject to customary closing conditions and regulatory approvals.
Magnesium invested in Cyberhawk in 2019, partnering with management to back what it believed was a category leader in an industry still in its early stages of development. Drone-based inspection of critical infrastructure was transitioning from a novel capability into a core operational workflow for utility and energy infrastructure operators. Magnesium saw significant runway for drone-based inspection across critical infrastructure verticals, with transmission and distribution standing out as particularly compelling. Magnesium’s thesis was threefold: expand the business across verticals, with a focus on transmission and distribution; build a genuine international platform, with the US and the Middle East as priority growth markets; and increase the capabilities and scale of its nascent software platform, iHawk.
Over the course of the investment, Cyberhawk was completely transformed in scale and scope. Headcount grew from c. 50 to over 250. The business established new offices in Denver, Colorado and the Middle East alongside its existing UK base, and today operates in 40 countries.
Throughout Magnesium’s investment, the Company continued to develop the iHawk platform across product, data infrastructure and AI-enabled analytics. iHawk saw its revenue grow tenfold over the period and developed a proprietary data set, now over 500,000 inspections and 232+ terabytes, providing it with a robust foundation for the next wave of AI applications.
Electricity networks globally face mounting pressure from data centre and EV load growth, renewables integration, and ageing infrastructure. Drone-based inspection, paired with software and AI-enabled analytics, addresses inspection cost, safety and asset risk and supports the transition to a more resilient, digitised and decarbonised grid. Cyberhawk is today one of the most established providers of transmission and distribution inspection and asset intelligence globally, with relationships across many of the world’s largest grid operators.
The combination with Ondas brings Cyberhawk into a broader autonomous intelligence platform, with the capital, customer reach and technology base to drive the next phase of growth, particularly the integration of inspection data with autonomous sensing and AI-driven decision support.
Ian Jones, Managing Partner at Magnesium Capital, said: “The Cyberhawk team has built a truly exceptional business. When Magnesium partnered with the Company in 2019, we saw a category leader with the technical credibility and customer trust to become the global standard in critical infrastructure intelligence. Working closely with management, the business has transformed in scale and ambition, building one of the strongest software platforms in the sector, and emerging as a trusted partner to the world’s most demanding utility and energy operators. Ondas is an excellent home for Cyberhawk’s next chapter, and we look forward to seeing what the combined business will achieve.”
Andrew Carnwath, Head of Private Equity at Columbia Threadneedle Investments and Manager of CT Private Equity Trust, said: “This is an outstanding outcome for CT Private Equity Trust plc and Columbia Threadneedle Investments managed funds more broadly. When we invested in Cyberhawk in 2019, we had strong conviction that the team had built something genuinely differentiated – a business that was not only making energy infrastructure inspections safer and more efficient but also creating a proprietary data and software capability that would become increasingly valuable as the use of drones and the energy transition accelerated. The growth Cyberhawk has delivered over the past seven years has been exceptional and it has been hugely rewarding working alongside the team and Magnesium Capital, whose deep expertise has proved invaluable throughout our ownership. We are proud to have supported the management team on this journey and look forward to seeing what they achieve next.”
Cyberhawk is a clear illustration of Magnesium’s investment approach: partnering with founders and management teams in technology and service businesses enabling the energy transition; providing capital, operational support and a global perspective to accelerate growth; and building category-defining businesses that solve critical problems within the energy system.
Lincoln International LLP acted as exclusive financial advisor to the shareholders of Cyberhawk Holdings Limited. Legal advice to the sellers was provided by Reed Smith LLP, Financial & Tax advice was provided by Grant Thornton UK LLP and vendor commercial due diligence was provided by Boston Consulting Group (BCG).
About Magnesium Capital
Magnesium Capital is a London-based private equity firm focused on the energy transition. The firm invests in fast-growing technology and service businesses enabling the shift to a decentralised, decarbonised and digitised energy system. Magnesium takes a flexible investment approach and partners with management teams to provide capital and strategic support to businesses seeking to scale. Magnesium Capital LLP is authorised and regulated by the Financial Conduct Authority.
About Columbia Threadneedle Investments
Columbia Threadneedle Investments is a leading global asset manager, entrusted with €613bn[1] on behalf of individual, institutional and corporate clients, assets under management & under advisement around the world.
We have approximately 2,200 people including approximately 550 investment professionals based in North America, Europe and Asia[2]. We offer our clients a wide range of strategies across equities, fixed income and alternatives, as well as specialist responsible investment capabilities and a comprehensive suite of solutions.
Columbia Threadneedle Investments is the global asset management group of Ameriprise Financial, Inc. (NYSE:AMP), a leading US-based financial services provider. As part of Ameriprise, we are supported by a large and well-capitalised diversified financial services firm. www.
http://www.columbiathreadneedle.com/en/gb/private/
[1] Ameriprise Q1 2026 results – assets under management and advisement
[2] As at 31 March 2026, Columbia Threadneedle Investments
About Cyberhawk
Cyberhawk is a leading provider of drone-based inspection services and cloud-based visualisation and analytics software, serving critical infrastructure operators across utilities, energy and industrial markets globally. Founded in 2008 and headquartered in Scotland, the company operates in 40 countries and has inspected more than 500,000 assets through its iHawk platform.
About Ondas Inc.
Ondas Inc. (Nasdaq: ONDS) is a leading provider of autonomous systems, robotics and mission-critical technologies for defence, homeland security, public safety, critical infrastructure and industrial markets, serving government, defence and commercial customers globally.
