Planet Completes Acquisition of VanderSat; Set to Deliver Advanced Agriculture Data Products to Customers

Rhea-AI Summary

Planet has successfully completed its acquisition of VanderSat for approximately $28 million, comprising $18 million in stock and $10 million in cash. This acquisition enhances Planet's offerings in the agriculture sector, specifically in water management and crop health analytics. VanderSat's technology will enable Planet to integrate advanced earth data and analytics, supporting industries and governments with actionable insights. The acquisition is positioned to strengthen Planet's competitive edge in the satellite data market.

Positive

• Strategic acquisition of VanderSat enhances Planet's agricultural data capabilities.
• Innovative products from VanderSat will improve water management and crop health insights.
• Acquisition valued at $28 million, strengthens market position and potential for revenue growth.

Negative

• None.

SAN FRANCISCO & HAARLEM, Netherlands--(BUSINESS WIRE)-- Planet, a leading provider of daily data and insights about Earth, today announced the completion of its acquisition of VanderSat, a leading provider of advanced earth data and analytics. Planet recently became a publicly-traded company, Planet Labs PBC (NYSE: PL).

The purchase of VanderSat, based in Haarlem, Netherlands, further strengthens Planet’s position in the agriculture market. VanderSat’s innovative products help customers better measure and understand water management and crop health in major markets. VanderSat brings to Planet world-class talent that has built truly differentiated and powerful products, which are proven to deliver measurable results for customers. Combining product portfolios, Planet will utilize VanderSat’s technologies and products in further pursuit of bringing to market next-generation solutions that leverage the best of commercial and public satellite data to provide clear and actionable information to help industries, non-profits, and governments around the world.

Under the agreement, Planet acquired VanderSat for approximately $28 million, which consists of $18 million in shares of Class A common stock of Planet Labs PBC and approximately $10 million in cash.

About Planet

Planet is a leading provider of global, daily satellite imagery and geospatial solutions. Planet is driven by a mission to image 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, capturing and compiling data from over 3 million images per day. Planet provides mission-critical data, advanced insights, and software solutions to over 700 customers, comprising the world’s leading agriculture, forestry, intelligence, education and finance companies and government agencies, enabling users to simply and effectively derive unique value from satellite imagery. Planet is a Public Benefit Corporation trading on the New York Stock Exchange as PL. To learn more visit http://www.planet.com and follow us on Twitter.

About VanderSat

VanderSat is a leading provider of global satellite-observed data, products and services over land with a special emphasis on water and crops. VanderSat offers a unique and patented technology that makes observations possible without any cloud and darkness interference. VanderSat gives its customers essential insights into soil and crop conditions by applying mathematical expertise to raw data from a constellation of satellites.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, whether we will realize any of the potential benefits from our acquisition of VanderSat. Forward-looking statements are based on our management’s beliefs, as well as assumptions made by, and information currently available to them. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. Factors which may cause actual results to differ materially from current expectations include, but are not limited to, the factors described under the heading “Risk Factors” in the Registration Statement on Form S-4 filed by dMY Technology Group, Inc. IV with the Securities and Exchange Commission (SEC) and any subsequent filings with the SEC we may make. Copies of each filing may be obtained from us or the SEC. All forward-looking statements reflect our beliefs and assumptions only as of the date of this press release. We undertake no obligation to update forward-looking statements to reflect future events or circumstances.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211212005129/en/

Planet Contacts:

M&A

Ali Jafari

ali@planet.com

Press

Claire Bentley Dale

Comms@planet.com

IR

Chris Genualdi

ir@planet.com

VanderSat Contact:

Thijs van Leeuwen

ttvanleeuwen@vandersat.com

Source: Planet

FAQ

What is the value of the acquisition of VanderSat by Planet?

Planet acquired VanderSat for approximately $28 million, consisting of $18 million in stock and $10 million in cash.

How will VanderSat's acquisition impact Planet's business in agriculture?

The acquisition will enhance Planet's capabilities in agriculture by providing advanced data on water management and crop health.

When was the acquisition of VanderSat completed?

The acquisition was announced recently, but the specific completion date is not mentioned in the press release.

What technologies will Planet integrate from VanderSat?

Planet will utilize VanderSat's advanced earth data and analytics technologies to provide actionable insights in agriculture.

What is the stock symbol for Planet Labs?

Planet Labs is publicly traded on the NYSE under the stock symbol PL.