GeoEye to Acquire SPADAC Inc.
DULLES, Va., Dec. 8, 2010 /PRNewswire-FirstCall/ — GeoEye, Inc. (Nasdaq: GEOY), a premier provider of superior satellite and aerial-based geospatial information and services, announced today that it has agreed to purchase 100 percent of the stock of SPADAC Inc., a geospatial predictive analytics company, for $46 million in cash and stock. Upon the completion of the acquisition, SPADAC will become a wholly owned subsidiary named GeoEye Analytics. This acquisition will enhance the breadth of GeoEye’s information service offerings and expand its customer base into new markets.
SPADAC provides geospatial predictive analytic solutions to over 40 customers in key markets of defense, intelligence and homeland security. Since SPADAC’s formation in 2002, its industry-leading predictive analytics technology, combined with its world-class team of geospatial analysts and intelligence professionals, enables SPADAC to help customers gain the insight they need to support their mission-critical operations around the world.
Matt O’Connell, GeoEye’s president and chief executive officer, said, “GeoEye is pleased to welcome SPADAC’s highly skilled employees to our team. We have worked together since 2007, when GeoEye acquired a minority ownership interest in the company. We believe that, by combining our imagery collection capabilities with SPADAC’s location-based analytic solutions, we can help our customers gain unprecedented insight about the areas around the world in which they operate. We believe we will be the only company in the industry to provide this end-to-end capability.”
“SPADAC will continue to be a strong, trusted partner to its existing customers and will now be able to leverage GeoEye’s leadership and information service offerings such as EyeQ™,” said Mark Dumas, SPADAC’s chairman and chief executive officer. “GeoEye will also provide us with the financial resources to broaden our capabilities to better serve our existing and future clients.”
Brian O’Toole, GeoEye’s chief technology officer, added, “SPADAC is a strong strategic fit; their technology and services will enable us to accelerate our growth in information services. By combining SPADAC’s predictive analytic solutions with our EyeQ Web platform, we’ll be able to offer subscription-based access to a new class of advanced information services.”
SPADAC’s revenues are forecasted to be approximately $27 million in 2010. Timing and completion of the transaction are subject to customary closing conditions.
SPADAC is the leading provider of geospatial predictive analytic solutions. SPADAC provides solutions that enable customers to analyze where activities or events may occur that will affect, or are critical to, their day–to-day operations. They do this by combining location-based information, geographic data and historic events with a wide range of other information sources. Customers use this information to make decisions that are critical to their operations. Over 40 defense, intelligence and homeland security agencies and commercial customers around the world rely on SPADAC to support their operations. SPADAC has more than 150 employees and is headquartered in McLean, Va. with global operations.
GeoEye, Inc. is a leading international information services company serving government and commercial markets. The Company is recognized as one of the geospatial industry’s imagery experts, delivering exceptional quality imagery products, services and solutions to customers around the world. In August, GeoEye was named one of Fortune Magazine’s “100 Fastest-Growing Companies” in the United States. The Company has more than 550 employees dedicated to developing best-in-class geospatial information products and services. GeoEye is a public company listed on the NASDAQ stock exchange under the symbol GEOY. Additional information about GeoEye is available at www.geoeye.com.
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This release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Without limitation, the words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “will” and similar expressions are intended to identify forward-looking statements. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future, including statements relating to growth, expected levels of expenditures and statements expressing general optimism about future operating results, are forward-looking statements. Similarly, statements that describe our business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements and those presented elsewhere by our management from time to time are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. These risks and uncertainties include, but are not limited to, those described in “Risk Factors” included in our Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2009, which we filed with the Securities and Exchange Commission (“SEC”) on March 12, 2010, and our Quarterly Reports on Form 10-Q for the period ended March 31, 2010, June 30, 2010 and Sept. 30, 2010, which we filed with the SEC on May 10, 2010, Aug. 9, 2010 and Nov. 9, 2010, respectively. Copies of all SEC filings may be obtained from the SEC’s EDGAR Web site, http://www.sec.gov/, or by contacting: William L. Warren, Senior Vice President, General Counsel and Secretary, at 703-480-5672.
SOURCE GeoEye, Inc.