Satellite IoT companies Astrocast and Hiber merge
Swiss-based satellite company Astrocast has bought Netherlands rival Hiber for an undisclosed sum, in a deal that sees an extra €10.45 million invested in Astrocast.
Both Astrocast (pictured), which has a market capitalisation of €71.9 million, and Hiber specialise in satellite-delivered internet of things (IoT) services.
Under the agreement, Astrocast has agreed to acquire all of Hiber’s shares in exchange for the issuance of new Astrocast shares, representing 16.5% of Astrocast’s share capital. That implies a valuation of Hiber of 411.8 million.
Fabien Jordan, Astrocast’s CEO, said: “We’ve carefully monitored Hiber’s impressive shift in strategy over the past few years. Hiber is recognised as a powerful IoT scale-up within the market. Hiber’s focus on satellite-enabled IoT solutions, innovation and production aligns with Astrocast’s strategic go-to-market priorities for 2022 and beyond.”
Hiber provides asset monitoring and tracking solutions to industrial customers, through satellite-connected devices that allow customers to monitor and track assets in remote locations. Its services include wellhead monitoring for major oil and gas companies and asset tracking for off-grid worksites in sectors such as agriculture, forestry and mining.
In 2020 the company set up a subscription service for the oil and gas industry.
Hiber’s customers include ExxonMobil, Shell, Italian oil and gas company ENI, and Netherlands oil explorer NAM. “The combined group will also have additional exposure to clients in the energy industry and the ability to support their transition to renewable energy production,” said Astrocast.
According to its 2021 annual report, Astrocast launched its first two batches of commercial satellites, both on SpaceX missions.
Roel Jansen, CEO of Hiber, said: “Hiber brings IoT solutions to its customers located in the most remote locations on earth; we are democratizing data for industries that previously did not have access to affordable and easy-to-use solutions via satellites.”
Jordan added: “With this acquisition, Astrocast will gain access to customer segments that we have historically had little traction with. These segments complement Astrocast’s current sales effort. In addition, this acquisition will strengthen financing opportunities for Astrocast, benefiting investors, and accelerating the total fundraising plan for Astrocast.”