Spire Global announced Sept. 14 the company plans to acquire exactEarth for approximately $161.2 million in stock.
The Virginia-based provider of space-based data, analytics and space services is set to acquire the Ontario-based company, which will function as a fully owned subsidiary of Spire while continuing to operate out of Canada, according to BusinessWire.
“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. 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," said Peter Platzer, Spire’s CEO.
With the merger, both companies plan to alter the industry for respective customers, as well as the maritime industry alike by bringing together real-time and historical space-based data. Spire and exactEarth aim to provide customers with innovative solutions that will stimulate the almost $2 trillion global maritime industry through better fleet visibility for more productive routing, financial savings from reduced fuel consumption, and a lower environmental footprint, BusinessWire reported.
As exactEarth continues to urge its shareholders in supporting the deal between the two companies, the acquisition is likely to close by the end of the fiscal year.