Home News Business GeoEye to buy SPADAC for USD 46million

GeoEye to buy SPADAC for USD 46million

US: GeoEye announced that it has agreed to purchase 100 percent of the stock of SPADAC Inc., a geospatial predictive analytics company, for USD 46 million in cash and stock. Upon the completion of the acquisition, SPADAC will become a wholly owned subsidiary named GeoEye Analytics.

SPADAC provides geospatial predictive analytic solutions to over 40 customers in defence, intelligence and homeland security. This acquisition will enhance GeoEye’s information service offerings and expand its customer base into new markets.

Matt O’Connell, GeoEye’s president and chief executive officer, said, “We have worked together since 2007, when GeoEye acquired a minority ownership interest in the company. We believe that, by combining our imagery collection capabilities with SPADAC’s location-based analytic solutions, we can help our customers gain unprecedented insight about the areas around the world in which they operate. We believe we will be the only company in the industry to provide this end-to-end capability.”

“SPADAC will continue to be a strong, trusted partner to its existing customers and will now be able to leverage GeoEye’s leadership and information service offerings such as EyeQ,” said Mark Dumas, SPADAC’s chairman and chief executive officer.

SPADAC’s revenues are forecasted to be approximately USD 27 million in 2010. Timing and completion of the transaction are subject to customary closing conditions.

Source: GeoEye