Astrocast Buying Hiber, Giving It L-Band Access, Oil and Gas Market Presence
IoT satellite operator Astrocast plans to purchase IoT service provider Hiber, it announced Monday. Astrocast said the deal would expand its distribution strategy, speed up its original equipment manufacturing strategy with more development of satellite-enabled IoT devices, increase Astrocast's product…
Sign up for a free preview to unlock the rest of this article
Export Compliance Daily combines U.S. export control news, foreign border import regulation and policy developments into a single daily information service that reliably informs its trade professional readers about important current issues affecting their operations.
portfolio and add coverage of Americas region through Hiber's access to L-band spectrum via an agreement with Inmarsat. It said Hiber's expertise in the oil and gas market will also help Astorcast gain further presence there. "Hiber is recognised as a powerful IoT scale-up within the market" and its "focus on satellite-enabled IoT solutions, innovation and production aligns with Astrocast’s strategic go-to-market priorities for 2022 and beyond," said Astrocast CEO Fabien Jordan. Under the deal's terms, Astrocast will acquire all Hiber shares in exchange for new Astrocast shares, while Hiber's shareholders also will invest $11.2 million in Astrocast's forthcoming public offering.