Cookies help us deliver the best experience on our website. By using our website, you agree to our use of cookies Dismiss

Spire Global to acquire exactEarth

Spire Global has announced the acquisition of exactEarth for approximately USD 161.2 million.

The total transaction is comprised of approximately USD 103.4m in cash and USD 57.8m in Spire’s Class A Common Stock. Once completed, exactEarth will become a fully owned subsidiary of Spire and continue to operate from Cambridge, Ontario, Canada under the leadership of exactEarth’s CEO Peter Mabson, reporting directly to Spire CEO Peter Platzer.

The combined company aims to be transformative for customers and the maritime industry. Bringing together real-time and historical space-based maritime data, Spire and exactEarth will provide customers with innovative solutions that drive the digitalisation of the almost USD 2 trillion global maritime industry, such as better fleet visibility for more efficient routing, cost savings from reduced fuel consumption, and a lower environmental footprint.

“Peter and I share a vision about the opportunity for space-based maritime data and the digitalisation of the global maritime industry, and I look forward to pursuing that vision together,” said Peter Platzer, Spire’s CEO. “I have great respect for the highly experienced team at exactEarth and am excited to continue driving this digital transformation together, serving more customers with a more robust data and solutions platform.”

“We look forward to joining forces with the Spire team to not only have an impact on the maritime industry, but also to have an impact on the planet, through offering customers enhanced data solutions that are designed to impact not only a company’s bottom line, but also its environmental footprint,” said Peter Mabson, exactEarth CEO.

The acquisition aims to:

  • Increase Spire’s customer base by over 75 per cent. In the maritime S-AIS (Satellite-Automatic Identification System) industry, exactEarth will accelerate Spire’s expansion by adding over 150 customers. These customers in the commercial and government sectors will provide substantial cross-selling opportunities of Spire’s data and analytics products
  • Minority indirect ownership stake in IoT provider Myriota, a fast-growing player in the low-cost, low-power, secure direct-to-orbit satellite connectivity for Internet of Things. This affords Spire a solid first foothold in this high-growth industry of space-based IoT solutions. exactEarth will retain its board seat
  • Strong Addition to ARR. With approximately 90 per cent of exactEarth’s USD 18.2 million LTM revenue under subscription contracts, and a Net Retention Rate of approximately 130 per cent, exactEarth will accelerate Spire’s growth in annual recurring revenue (ARR)
  • Expands Historical Database to accelerate AI/ML driven product development. exactEarth’s 10-year archive of AIS data will substantially increase Spire’s historical maritime (AIS) data set, accelerating Spire’s new product offerings and solutions
  • Adds depth of experience to maritime and product development teams. With an average tenure of over 7 years, exactEarth’s experienced sales and product development team will enhance Spire’s global market capability and reach in the maritime industry
  • Expands Spire’s geographic footprint. exactEarth sells to 39 countries around the world

This acquisition is expected to close in calendar 4Q21 or in calendar 1Q22.

Read more about the details of the transaction here.

Related items

Joomla SEF URLs by Artio

Login/Register

Register or Login to view even more of our content. Basic registration is free.

Register now

Digital Ship magazine provides the latest information about maritime satellite communications technology, software systems, navigation technology, computer networks, data management and TMSA. It is published ten times a year.

 

Address:
Digital Ship Ltd
Digital Ship - Digital Energy Journal
39-41 North Road
London
N7 9DP
United Kingdom

Copyright © 2020 Digital Ship Ltd. All rights reserved           Cookie Policy         Privacy Policy

x