Documents filed at the very end of the year by the satellite-based Earth observation provider Spire revealed the value of its maritime business, sold to the Belgian outfit Kpler.
"By acquiring Spire Maritime, we will significantly enhance our satellite-based AIS offering which, combined with our comprehensive terrestrial AIS network, greatly improves visibility and real-time analysis for the maritime and commodities markets,” Mark Cunningham, CEO of Kpler, stated on 13 November, when the transaction was announced. “This will provide our customers with a clearer view of developments in the maritime and commodities markets, to support better decision-making in a globally interconnected economy.”
An "AIS offering" refers to the use of the Automatic Identification System network for vessel tracking and analysis.
"We remain focused on achieving one billion dollars in annual recurring revenues in the coming years, which will involve expanding into new products and verticals, as well as pursuing strategic mergers and acquisitions," added Kpler's executive chairman and co-founder, François Cazor, said at the time.
Spire intends to use the proceeds of the sale to pay down all outstanding debt and invest in near-term growth opportunities. The $241m transaction includes a purchase price of $233.5m and $7.5m for services over a twelve-month period following closing, Spire's separate press release said. The purchase price values the portfolio at approximately 5.8 times the revenue generated by the company over the last 12 months. Spire will retain its satellite network, technology and infrastructure and will continue to serve its aviation, weather and space customers, as well as the existing portion of the US government's maritime customer portfolio.
"By capitalising the business in a non-dilutive manner and eliminating interest payments and other operational restrictions, we are transforming our cost structure and operating model," said Spire CFO Leo Basola. "This approach mitigates risk by removing the most significant external financial pressures, while providing us with capital to invest in key projects that generate long-term value."
Spire expected revenues of between $122m and $132m, losses of between $11m and $1m and ebitda of between $7m and $15m in its first quarter results on 15 May, and is engaged in an accounting review.
At the end of December, handed over the CEO role to , with Platzer becoming executive chairman.
Read the original French-language version of this news report /