Myriota, an Australian company providing nanosatellite internet of things (IoT) connectivity, has signed an agreement with Canada’s exactEarth Ltd. to acquire four of the latter’s satellites, along with its global ground stations and spectrum licenses. The acquisition will be made through Myriota’s Canadian subsidiary, Myriota Canada, the creation of which was prompted by this agreement.
The acquisition is still subject to the approval of the Canadian authorities, and, if successful, will see exactEarth receive a payment of CA$600,000 (app US$425k) of which a portion will be reinvested into the equity of Myriota.
Along with satellite communication assets, the agreement will also see the transfer of four exactEarth specialists in satellite operations, satellite engineering and spectrum management, forming Myriota’s on-the-ground team in Ontario, Canada.
He said, ““The divestment of these non-core exactEarth satellite communication assets achieves several strategic and financial objectives as we position ourselves in-line with that of a pure-play data services business. This transaction allows us to maintain access to AIS data from the satellites to support our service, and will enable us to focus on the large market opportunity in front of us with our second-generation constellation.”
CEO and co-founder of Myriota, Alex Grant, said that, amidst challenging global business conditions, Myriota is in a fortunate position to accelerate the company’s international expansion plans and allow multiple industries to access disruptively low-cost satellite connectivity.
He said, “This acquisition is a huge opportunity for our business to grow its North American footprint. It will add industry-leading capabilities in key areas such as satellite operations, engineering and spectrum management from an experienced team, and will fast-track our development with established ground facilities and ground stations.”