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Spire Global to merge with NavSight Holdings Inc.
Sydney Lake //March 2, 2021//
Spire Global to merge with NavSight Holdings Inc.
Sydney Lake// March 2, 2021//
San Francisco-based space-based data and analytics firm Spire Global Inc. announced Monday it will merge with Reston-based special purpose acquisition company NavSight Holdings Inc. to become a public company.
Financial terms of the transaction were not disclosed, but it values the combined company at $1.6 billion and is expected to produce $475 million in gross proceeds.
Spire collects space-based data, which it provides through a subscription model to weather, aviation, maritime and government customers.
“Today, our proprietary data and solutions help customers solve some of earth’s greatest challenges, including net zero and climate change adaptation,” Spire founder and CEO Peter Platzer said in a statement. “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.”
The transaction is expected to close in summer 2021. Tiger Global Management, BlackRock Advisors, Hedosophia, Jaws Estates Capital and Bloom Tree Partners are providing a combined $230 million to the transaction.
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