If you have one of the smallest high-resolution imaging satellites in the world that can zoom in on people with pinpoint accuracy, what do you do? You sit back and get acquired by Google, of course. Skybox Imaging, a satellite imaging company, announced that they have agreed to be acquired by Google for $500 million.
Google will use the company’s technology to improve their Google Maps and Google Earth offerings with up-to-date imagery, and it’s just so much easier if you have your own satellite company to do just that.
“Skybox’s satellites will help keep Google Maps accurate with up-to-date imagery. Over time, we also hope that Skybox’s team and technology will be able to help improve Internet access and disaster relief — areas Google has long been interested in,” Google said in a press statement.
Skybox added that they share more with Google than just being in the same town.
“We both believe in making information (especially accurate geospatial information) accessible and useful. And to do this, we’re both willing to tackle problems head on – whether it’s building cars that drive themselves or designing our own satellites from scratch.”
Skybox’s high-resolution imaging satellites are the smallest in the world, and they explained that the acquisition came at the right time.
“We have built an incredible team and empowered them to push the state-of-the-art in imaging to new heights. The time is right to join a company who can challenge us to think even bigger and bolder, and who can support us in accelerating our ambitious vision.”
The $500 million-in-cash transaction will be subjected to the regular closing conditions, which will include approval from US regulators.
[Source – Google, Skybox]