Edinburgh, 15 September 2021. – Spire Global and exactEarth Ltd. announced their agreement for Spire to acquire exactEarth for approximately US $161.2 million in cash and stock. After the merger, exactEarth will be fully owned by Spire and will become a subsidiary operating from Cambridge, Ontario, Canada.
The combined company will accelerate Spire’s customer base by over 75% and will ensure cross-selling opportunities. To achieve this, exactEarth will add over 150 commercial and government sector customers to the business. The unification will bring real-time and historical space-based maritime data together to develop innovative solutions. This will result in better fleet visibility, cost savings and a lower environmental footprint.
Spire will also acquire a minority indirect ownership stake in Myriota, the provider of IoT. As exactEarth sells to 39 countries, the merger will expand Spire’s geographic footprint as well.
The total transaction is comprised of US $103.4 million in cash and US $57.8 million in Spire’s Class A Common Stock. The deal will be finalised through a plan of arrangement under the Canada Business Corporations Act. According to the proposal the former shareholders of exactEarth will hold around 3.8% of Spire once the deal closes. The acquisition is expected to close at the end of this year or in the first quarter of 2022.