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The Canadian Space Agency awarded a contract to ExactEarth Ltd., a subsidiary of Spire Global, to deliver preparatory work for implementation phases of the WildFireSat mission.
Peter Mabson previously served as CEO of Spire Maritime after the acquisition of exactEarth in November 2021.
Peter Mabson was President and CEO of exactEarth for more than 13 years.
Spire provided guidance in its 2021-07-01 earnings call of $48,600,000 to $52,000,000 in ARR for year-end 2021 and a range of 225 to 242 ARR solution customers, and that guidance did not factor in the acquisition of exactEarth.
exactEarth is now a fully owned subsidiary of Spire and will continue to operate from Cambridge, Ontario, Canada under the leadership of Peter Mabson reporting directly to Peter Platzer.
exactEarth shareholders approved the Arrangement at a special meeting held on 2021-11-18.
Spire acquired all of the outstanding common shares of exactEarth through its wholly-owned indirect subsidiary Spire Global Canada Acquisition Corp. for CAD$2.5009 in cash and 0.1 share of Spire Class A common stock per exactEarth share.
The Arrangement between Spire and exactEarth was announced on 2021-09-14.
Spire plans to acquire Canadian ship-tracking company exactEarth in a deal scheduled to close in late 2021 or very early 2022.
ExactEarth reported $6,000,000 in revenue for its third quarter of 2021, ending 2021-07-31, a 26 percent increase from $4,800,000 in the third quarter of 2020.
Spire is acquiring exactEarth for about $161,200,000 through a mix of cash and stock.
ExactEarth is based in Cambridge, Ontario and was founded in 2009 to provide Satellite-Automatic Identification System (S-AIS) services to the global maritime industry.
Under the plan of arrangement, exactEarth common shareholders will receive CAD$2.5009 (US$1.9751) in cash and 0.1 share of Spire Class A Common Stock for each exactEarth common share held.
Based on the 10-day volume weighted average price of Spire’s Class A Common Stock of US$11.0223 (CAD$13.9564) on 2021-09-13, the total per share consideration represents CAD$3.90 (US$3.08) per exactEarth common share.
Based on the 10-day volume weighted average price of Spire Class A Common Stock of US$11.0223 (CAD$13.9564) on 2021-09-13, the total per share consideration for exactEarth shareholders is CAD$3.90 (US$3.08) per common share.
ExactEarth was founded in 2009 in Cambridge, Ontario to provide Satellite-Automatic Identification System (S-AIS) services to the global maritime industry.
Approximately 90% of exactEarth’s US$18,200,000 LTM revenue is under subscription contracts.
Spire Global, Inc. will acquire exactEarth Ltd. for approximately $161,200,000 (CAD$204,200,000) in cash and stock.
Under the plan of arrangement, holders of exactEarth common shares will receive CAD$2.5009 (US$1.9751) in cash and 0.1 share of Spire Class A Common Stock for each exactEarth common share held.
Spire Global is acquiring Canadian ship-tracking company exactEarth for about $161,200,000 through a mix of cash and stock.