Spire Global, Inc., a leading provider of space-based data, analytics and space services, recently acquired Canadian-based enhanced Maritime AIS data company exactEarth to improve its services used to make decisions for vessel monitoring and analytics.
“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,” Peter Mabson, exactEarth CEO, said in a press release.
The Virginia-based Spire purchased the Ontario-based company for $161.2 million upon committing to continue operating in Canada, according to the release. With exactEarth urging its shareholders to support the deal, the acquisition is expected to close by the end of the fiscal year, the release said.
The newly merged venture intends to transform the industry for customers and the maritime industry alike by bringing together real-time and historical space-based data, the press release explained.
“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,” Peter Platzer, Spire’s CEO, said in the release.
Innovative solutions for customers will stem from the collaboration, projected to continue driving a nearly $2 trillion global maritime industry.
By contributing better fleet visibility, more efficient routing, reduced fuel consumption and other sustainable efforts, both companies expect to increase Spire’s customer count by 75%. According to the release, the partnership hopes to expand historical AI/ML development databases, add depth of experience to maritime and product development teams and expand the company’s overall global presence.
“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,” Platzer said.