Spire Global Adds 150 Customers With ExactEarth Acquisition
Spire Global has completed its acquisition of exactEarth, it’s first acquisition since going public. ExactEarth provides satellite-AIS data services, which is used to track ships. Spire Global also provides satellite-AIS data services, and said this acquisition will add more than 150 customers, representing about $18 million in annual recurring revenue.
This acquisition has the potential to impact Spire’s financial results for the current fiscal year. In Spire’s first-ever quarterly earnings call in November, the company gave guidance for its 2021 year-end of $48.6 million to $52 million in annual recurring revenue, and a range of 225 to 242 annual recurring revenue solution customers. But this guidance did not factor in the transaction.
The deal was first announced in September, with a purchase price of $161.2 million. exactEarth is now a fully-owned subsidiary of Spire and will continue to operate from Cambridge, Ontario, Canada. CEO Peter Mabson will lead the subsidiary, reporting directly to Spire CEO Peter Platzer. ExactEarth will no longer be publicly traded as its own company.
Spire said the two teams will now transition exactEarth’s sales and product development team, and integrate exactEarth’s historical database.
“Joining forces with Spire significantly extends our reach within the maritime industry and will allow us to offer a wider and richer set of advanced data and analytics to our customers around the world,” Mabson said.