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  • Friday, November 22, 2024

Spire Global Closes exactEarth Buy for Maritime Data, Analytics Market Push

Spire Global (NYSE: SPIR) has closed its approximately $161.2 million cash-and-stock purchase of exactEarth, a provider of satellite data products and services to the global maritime sector.

Vienna, Virginia-based Spire first announced the deal in September, which marks its first acquisition after going public in mid-August, and the company said Tuesday its wholly owned indirect subsidiary in Canada bought outstanding exactEarth shares for $1.96 in cash and 0.1 share of Class A Spire common stock for each share held.

ExactEarth will stop trading on the Toronto Stock Exchange at the close of trading Thursday.

Spire expects the transaction to bring in annual recurring revenue of $18 million for the space data provider and plans to integrate the acquired entity’s historical automatic identification system database into product development efforts powered by artificial intelligence and machine learning.

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