Spire Global, a satellite operator based in Vienna, Virginia, has sold its commercial ship-tracking business to Kpler, a Belgium-based analytics provider, for $241 million. This move allows Spire Global to focus on other data markets and improve its hosted payload services.
The deal includes the transfer of maritime customer contracts and grants Kpler exclusive rights to market ship-tracking data derived from Spire's satellite network. Spire Global will retain ownership of its satellites, technology, and infrastructure. The financial proceeds from this sale will help Spire Global eliminate outstanding debt and pursue growth opportunities in sectors such as weather, aviation, radio frequency geolocation, and space services.
Kpler's acquisition of Spire's maritime business will enhance its analytics capabilities, particularly in tracking Automatic Identification Systems (AIS) transponders. This acquisition will provide clients with a more comprehensive view of developments in maritime and commodity markets.
The transaction is expected to close in early 2024.
Despite recent financial challenges, Spire Global has reported $40 million in new contracts, indicating positive operational performance.
The company's decision to divest its maritime business reflects a strategic shift towards more lucrative data markets, such as weather and aviation. Spire Global aims to leverage its technological expertise and satellite infrastructure to capture new growth opportunities. This strategic realignment aligns with the broader trend in the space industry of optimizing portfolios and focusing on core competencies.