Neo Space Group (NSG), a global space and satellite services company owned by Saudi sovereign wealth fund PIF, announced entering into a definitive agreement with Airbus Defence and Space to acquire its UP42 business.
UP42, launched by Airbus in 2019 in Berlin, Germany, is a pioneer in streamlining access to and deriving insights from geospatial data via a cloud-based platform.
The Airbus unit is expected to be part of NSG’s growing geospatial division, building on the acquisition of Taqnia ETS.
NSG said the acquisition move further reinforces its strategic role in providing EO (Earth Observation) services.
The Communications, Space, and Technology Commission (CST) of Saudi Arabia announced in July this year that NSG had won the permit to provide the EO platform service in the country.
The deal is subject to the satisfaction of customary closing conditions, including required regulatory clearances, the company said.
NSG Chief Executive Officer Martijn Blanken said: “By integrating the UP42 platform into the KSA ecosystem, we are positioning NSG to deliver cutting-edge geospatial insights for one of the world’s fastest growing economies.”
This acquisition is pivotal in fulfilling the company’s vision to lead innovation in the geospatial sector both locally, and globally, and further contribute to the growth of the space economy in Saudi Arabia, in full alignment with Saudi Vision 2030, he said.
Sean Wiid, the Chief Executive Officer of UP42, said the continued international business growth will support the ambition to make the company a global leader in geospatial innovation.
“At the same time, we will play a key role in developing a robust Earth observation ecosystem within Saudi Arabia for the benefit of the government, agriculture, energy, travel and tourism sectors,” he said.
UP42’s earth observation digital platform provides customers access to data and analytics from over 80 of the world’s leading geospatial companies, making it easy to source and manage diverse data from multiple providers through one seamless interface.
Customers of UP42 can leverage the UP42 platform to solve real-world geospatial challenges and deliver value to their end-customers across a range of market verticals, including agriculture, urban planning, real estate, infrastructure monitoring, disaster management, and more.
Follow us on
