VanderSat, a leading provider of global satellite data and analytics, has signed an agreement for its acquisition by Planet, a U.S.-based industry peer. By combining VanderSat’s unique all-weather data with Planet’s high-frequency, high-resolution global monitoring, the combined entity will be able to offer even greater value to users in the agriculture, government, and insurance sectors. Hogenhouck M&A advised VanderSat’s shareholders on this transaction.
VanderSat’s innovative products help users better measure and monitor water management and crop health in key markets. Planet plans to use VanderSat’s technologies and products to bring innovative solutions to market, translating commercial and public satellite data into clear and actionable information for industry, nonprofit organizations, and governments around the world.
Daily Use of Key Data About the Earth
From the very beginning, founder Richard de Jeu—who ranks among the top 0.1% of the most-cited researchers worldwide—and co-founders Robbert Mica and Thijs van Leeuwen, VanderSat’s ambition has been to take Earth observation based on satellite data and analyses out of the academic world, and make the data and analyses available to farmers, insurers, water managers, traders, and others. VanderSat offers a unique and patented technology that enables observations without interference from clouds or darkness.
VanderSat is now a leading provider of global “satellite-observed” data, products, and services related to the Earth’s land surfaces, with a special focus on water and crops. VanderSat provides its customers with essential insights into soil and crop conditions by applying mathematical expertise to raw data from NASA, ESA, and JAXA satellites.
VanderSat’s unique algorithms provide daily, global data with high accuracy, unaffected by changing cloud cover and atmospheric conditions. Dr. Thijs van Leeuwen, CEO of VanderSat: “VanderSat’s goal is to serve one billion hectares of land by 2024. By joining Planet, our mission and impact will be dramatically accelerated, and together we aim to achieve this goal by 2022.”
Combination with Planet’s extensive satellite fleet
Planet is the leading provider of global, daily satellite imagery and geospatial solutions. Planet’s mission is to capture the world every day and make change visible, accessible, and actionable. Founded in 2010 by three NASA scientists, Planet designs, builds, and operates the largest Earth observation fleet of imaging satellites and collects more than 3 million images per day.
“We are delighted to welcome the VanderSat team to Planet. We expect that VanderSat’s analytics and industry expertise will help Planet deliver ‘up the stack’ solutions to bridge the gap between complex remote sensing science and products that provide enhanced data to the ecosystem and our customers. And when this new data is combined with Planet’s, the value is much greater than the sum of its parts,” says Will Marshall, CEO and co-founder of Planet.
The VanderSat Growth Story
Hogenhouck M&A has been involved in the company’s growth and arranged two investment rounds in 2017 and 2020. Mark van Beusekom, partner at Hogenhouck M&A: “VanderSat is well-positioned with a highly specialized team and unique algorithms. The company combines an interesting and scalable business model with the ability to make a real impact on a global scale. In Planet, VanderSat has found the ideal partner to continue scaling up and increasing its impact.”
Iris van Weel, director at Hogenhouck M&A, on this transaction: “Planet’s planned listing on the NYSE via a SPAC resulted in tight deadlines and added layers of complexity to the process. It was a tremendous pleasure to work with the VanderSat team; their unwavering commitment, along with the professionalism of all parties involved, led to this outstanding result.”
Tight Deadlines Due to the IPO via a SPAC
Planet will become a publicly traded company through a merger with dMY Technology Group, Inc. IV (DMYQ), a “special purpose acquisition company.” The combined company will retain the name Planet and will be listed on the NYSE under the ticker symbol “PL.”
Under the terms of the agreement, Planet will acquire VanderSat for approximately $28 million, consisting of $18 million in Class A common stock of Planet Labs PBC, valued at a price per share equal to the closing price of Planet Labs PBC’s Class A common stock on the NYSE on the last trading day prior to the completion of the VanderSat acquisition, as well as approximately $10 million in cash.
The VanderSat transaction is expected to close in the fourth quarter of 2021 and is subject to customary closing conditions, as well as the completion of the mergers with dMY Technology Group, Inc. IV). VanderSat will be Planet’s fourth acquisition (BlackBridge ’15, Terra Bella ’17, and Boundless ’19). Planet intends to continue exploring opportunities to accelerate its product and business objectives through acquisitions as a natural consolidator in the Earth observation market.
