Google to acquire Skybox Imaging
Posted: Wed, Jun 11, 2014, 10:02 AM ET (1402 GMT)
Internet giant Google announced Tuesday it has agreed to acquire commercial satellite remote sensing company Skybox Imaging for $500 million in cash. Skybox, located not far from Google's headquarters in Silicon Valley, is developing a constellation of satellite to provide high-resolution imagery and video that is updated frequently. Skybox launched its first satellite, SkySat-1, last year, and has contracts in place with Space Systems Loral and Orbital Sciences to build and launch a dozen more. Google said it will use imagery from Skybox's satellites to updates its maps and related products, and could use Skybox's satellite technology for other applications, such as providing global Internet access via satellite. Google's interest in Skybox had been reported for months, although the sale price announced Tuesday was substantially smaller than earlier rumors.
Internet giant Google announced Tuesday it has agreed to acquire commercial satellite remote sensing company Skybox Imaging for $500 million in cash. Skybox, located not far from Google's headquarters in Silicon Valley, is developing a constellation of satellite to provide high-resolution imagery and video that is updated frequently. Skybox launched its first satellite, SkySat-1, last year, and has contracts in place with Space Systems Loral and Orbital Sciences to build and launch a dozen more. Google said it will use imagery from Skybox's satellites to updates its maps and related products, and could use Skybox's satellite technology for other applications, such as providing global Internet access via satellite. Google's interest in Skybox had been reported for months, although the sale price announced Tuesday was substantially smaller than earlier rumors.
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