Haarlem, Netherlands (SPX) Nov 15, 2021 Planet, a leading provider of daily data and insights about...
Planet, a leading provider of daily data and insights about Earth, has entered into an agreement to acquire VanderSat, a leading provider of advanced earth data and analytics.
Planet intends to leverage VanderSat's technologies and products in further pursuit of bringing to market next-generation solutions that leverage the best of commercial and public satellite data to provide clear and actionable information to help industries, non-profits, and governments around the world.
Earlier this year, Planet entered into a definitive merger agreement with dMY Technology Group, Inc. IV), a special purpose acquisition company, to become a publicly-traded company called Planet Labs PBC. VanderSat has world-class expertise in providing insights to customers by drawing from NASA, ESA and JAXA satellite data, and has built a suite of novel products that report on key conditions on the Earth's surface, like soil moisture, land surface temperature, vegetation optical depth, and biomass.
"VanderSat is a mission-driven company with the goal to serve one billion hectares of land in 2024. By joining Planet, our mission and impact will be dramatically accelerated and together, we aim to reach that goal in 2022", said Dr. Thijs van Leeuwen, CEO of VanderSat.
"We're thrilled to welcome the VanderSat team to Planet. We expect VanderSat's analytics and industry expertise will help Planet provide solutions 'up the stack' to bridge the gap from complex remote-sensing science to products that offer improved data to the ecosystem and our customers. And when one combines their new data with Planet's, the value is far greater than the sum of its parts," said Will Marshall, CEO and Co-Founder of Planet.
Planet believes its products will help to accelerate and expand its position in one of its most important verticals - agriculture - and help mature Planet's offerings for others such as insurance, civil government, and finance.
Adding VanderSat's unique, all-weather data products to Planet's high-cadence and high-resolution global monitoring will bring even greater value to users in agriculture, civil government and insurance by providing them with richer insights and more precise measurements.
"This acquisition brings to Planet a world-class remote-sensing data science team, top-tier accounts in the agriculture and insurance verticals, accelerates our software strategy, and expands our footprint in Europe," said Kevin Weil, Planet President of Product and Business.
"Not only does it allow us to see the planet in new ways, but it also opens up the possibility for new applications that can be used by new and existing customers across our verticals."
Under the agreement, Planet is set to acquire VanderSat for approximately $28 million, which consists of $18 million in shares of Class A common stock of Planet Labs PBC, valued at a per share price equal to the closing price of Class A common stock of Planet Labs PBC on the NYSE on the last trading day prior to the consummation of the acquisition of VanderSat, and approximately $10 million in cash.