Astrocast, a leading global nanosatellite IoT network operator, announced the signature of an agreement to acquire Hiber, a Netherlands-based, IoT-as-a-Service provider. Under the agreement, Astrocast agreed to acquire all of Hiber’s shares in exchange for the issuance of new Astrocast shares, representing 16.5% of Astrocast’s share capital, calculated prior to its previously announced public offering on Euronext Growth Paris. Hiber’s shareholders also agreed to invest €10.45 million in Astrocast’s public offering.
Hiber provides asset monitoring and tracking solutions to industrial customers, through satellite-connected devices that allow customers to monitor and track assets in remote locations. Its services include wellhead monitoring for major oil and gas companies and asset tracking for off-grid worksites in sectors such as agriculture, forestry, and mining. Its business model is based on multi-year subscriptions covering sensors, network hardware, satellite connectivity and a dashboard.
Key benefits for Astrocast
The acquisition of Hiber is expected to bring a number of key benefits for Astrocast:
- It expands Astrocast’s distribution strategy by establishing a direct-to-end user sales channel
- It accelerates Astrocast’s OEM strategy by increasing the development of additional satellite-enabled IoT devices
- It expands Astrocast’s portfolio of products and services by adding the HiberHilo remote oil well monitoring solution and Hiber Easypulse asset tracking solution
- It adds coverage of the Americas region, based on Hiber’s access to L-band spectrum, through its agreement with Inmarsat
- It brings onboard 50+ highly skilled and experienced IoT specialists, who have unique technical capabilities and understanding of customer IoT needs across multiple verticals
- It expands Astrocast’s sales team by adding Hiber’s sales force and creating cross-sell opportunities
- Since Hiber’s customers include ExxonMobil, Shell, Oil Search, NAM and ENI, the combined group will also have additional exposure to clients in the energy industry and the ability to support their transition to renewable energy production.
Enhancing Astrocast’s sales and go-to-market strategy, and OEM strategy
In addition, Astrocast’s sales and go-to-market strategy will be expanded by adding a direct-to-market sales channel in select verticals. This will complement Astrocast’s existing partner sales strategy. Hiber’s expertise within oil & gas will enable Astrocast to further penetrate this market. By combining Astrocast and Hiber’s technical expertise, Astrocast will also be able to better leverage end-users and accelerate its OEM strategy.