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Spire has a strategic partnership with Iceye, a Finland-based provider of SAR imaging satellites.© American Consumer News, LLC dba ® 2010-2021. “And so it’ll be really interesting to see what happens to them, especially with this new market.” “Unfortunately, some of the companies that SPAC’d didn’t have options and that’s why they SPAC’d. “There aren’t that many companies out there that have real assets in space, products, generating revenue, delivering things - and so we feel like we have a lot of options,” he added. He said Capella is continuing to watch the SPAC activity in the industry from the sidelines. Speaking to SpaceNews about the space SPAC market in general, Banazadeh said: “You add more products … that somehow gets to more revenue, right?” Payam Banazadeh, CEO and founder of synthetic aperture radar (SAR) satellite imagery startup Capella Space, said this is partly why space companies with SPAC mergers are generally looking for additional sources of revenue beyond their core products. Space companies marketing SPAC mergers to investors often point to a sizable increase in future revenues, and adding another company’s sales to the mix is one route to achieve this. Peter Beck, CEO of recently listed Rocket Lab, told the conference that his company is considering several potential deals. 9 panel during the Satellite 2021 conference, Kemp said a round of consolidation could have decadelong implications for the satellite industry. SPACs, or blank check firms that offer companies a relatively speedy route to the public markets, are a growing trend among space startups.Ĭhris Kemp, CEO of small launch vehicle developer Astra that went public July 1 after a SPAC merger, expects a wave of acquisitions will soon join the trend. The merger raised $265 million in cash for investing in sales, marketing and product development operations to expand globally. 17 after merging with NavSight, a special purpose acquisition company (SPAC). Spire started trading on the New York Stock Exchange Aug.
Spire said buying exactEarth gives it an indirect ownership stake in Myriota, providing another avenue for expansion in the fast-growing satellite-based IoT market. The Canadian operator currently has 63 satellites in orbit and seven spares. Last year, exactEarth sold four of its satellites and associated ground stations and equipment to Australian startup Myriota, which uses them as part of a network for connecting internet-of-things devices. Spire said the acquisition increases its customer base by more than 75%, adding over 150 S-AIS commercial and government customers across 39 countries. “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.”Ĭambridge, Ontario-based exactEarth was founded in 2009 to provide Satellite-Automatic Identification System (S-AIS) services to the global maritime industry. “Peter and I share a vision about the opportunity for space-based maritime data and the digitalization of the global maritime industry, and I look forward to pursuing that vision together,” Platzer said in a statement. Peter Mabson, exactEarth’s chief executive officer, will report to Spire CEO Peter Platzer under the plan, as exactEarth becomes a fully owned subsidiary of Spire. Spire has already got the support of around 60% of exactEarth’s shareholders, including its directors and officers. Shareholders in exactEarth will own about 3.8% of Spire after the transaction, if at least two-thirds of them approve it during a meeting they expect to hold in November.