The Canadian company exactEarth will become a subsidiary of Spire Global under the deal with exactEarth CEO Peter Mabson reporting to Spire’s CEO Peter Platzer.
The deal with increase Spire’s maritime customer base by 75%, expand its geographic footprint, and accelerate product development with exactEarth’s 10-year archive of AIS data.
“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,” 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.”
The $161.2m transaction comprises $103.4m in cash and $57.8m in Spire stock.
“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 deal is expected to be completed in Q4 2021 or Q1 2022.