Space-based data and analytics provider Spire Global, Inc. announced Match 1 it’s going public via a merger with NavSight Holdings, Inc., a special-purpose acquisition company.
The two companies have signed a definitive merger agreement for a business combination that would result in Spire becoming a publicly listed company. The board of directors of each entity unanimously approved the proposed transaction.
The proposed transaction will require the approval of the stockholders of Spire and NavSight, and is subject to other customary closing conditions, including the receipt of certain regulatory approvals.
Spire collects space-based data using a proprietary constellation of multipurpose nanosatellites called LEMUR, short for Low Earth Multi-Use Receiver. The company’s software analytics generate proprietary data, insights and predictive analytics for its global customers through a subscription model.
Spire’s proprietary data and solutions help customers solve some of Earth’s toughest problems, including net zero and climate change adaptation, said Peter Platzer, Spire founder and CEO.
“It has been immensely inspiring to see customers from all over the world turn to Spire’s solutions to help them make decisions about their business with confidence and speed and we are excited about the continued growth ahead,” he added. “This transaction funds these growth plans and allows us to pursue, on a more aggressive timetable, this massive and growing long-term opportunity ahead of us. am thrilled to partner with Bob and Jack from NavSight.”
Bob Coleman, chairman and CEO of NavSight, said Platzer and the leadership team have built a company that “delivers exceptional value to their global commercial and government customers.”
“Spire is leading the way with its modern SaaS-based approach to meet the significant, growing demand for space-based data,” he added. “We look forward to working together to build long-term value for Spire stockholders.”
The proposed deal is slated to close this summer.