Neo Space Group to Acquire UP42 Earth Observation Platform
Deal News | Dec 03, 2024 | PR Newswire Cision Neo Space Group
Neo Space Group (NSG), based in Saudi Arabia and owned by the Public Investment Fund, has announced an agreement to acquire UP42, an innovative earth observation digital platform launched by Airbus in 2019. This acquisition will integrate UP42 into NSG's geospatial division, contingent upon regulatory approvals. With its future integration, UP42 will enhance NSG’s capabilities in providing cutting-edge geospatial data solutions by offering access to data and analytics from over 80 geospatial companies. This move aligns with Saudi Arabia's Vision 2030 of economic diversification and innovation in the geospatial sector. NSG, established in May 2024, aims to be a leader in space technology and services, contributing to the growth of various sectors including agriculture, urban planning, and disaster management. This acquisition follows NSG receiving a permit from Saudi Arabia's Communications, Space, and Technology Commission to provide Earth Observation services.
Sectors
- Space and Satellite Services
- Earth Observation and Geospatial Solutions
- Technology and Innovation
Geography
- Saudi Arabia – The location of Neo Space Group and the strategic focus area for deploying the geospatial solutions aligned with Vision 2030.
- Germany – The country where UP42 was launched by Airbus, highlighting its origins and initial operations.
Industry
- Space and Satellite Services – Involves companies providing space and satellite services like satellite broadband, earth observation, and geospatial analysis. Relevant as NSG is expanding its satellite and space service capabilities.
- Earth Observation and Geospatial Solutions – Industry focusing on obtaining data and insights from Earth's surface, crucial for NSG's acquisition of UP42 to enhance geospatial data solutions.
- Technology and Innovation – Relates to the development and application of new technologies. UP42's platform offers technological innovations in data access and geospatial analytics.
Financials
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Neo Space Group (NSG) | Bidding Company | Company | A Saudi Arabian space services provider expanding its geospatial capabilities, owned by the Public Investment Fund. |
| UP42 | Target Company | Company | An earth observation platform launched by Airbus providing access to geospatial data and analytics. |
| Airbus Defence and Space | Selling Company | Company | The company selling UP42 as part of its strategic business decisions. |
| Public Investment Fund (PIF) | Investor | Company | Owns Neo Space Group and supports its mission to become a leader in the space sector. |
| Communications, Space, and Technology Commission (CST) | Regulatory Body | Government | Saudi Arabian authority that granted NSG the permit for Earth Observation Platform Service. |
| Martijn Blanken | CEO | Person | Chief Executive Officer of Neo Space Group. |
| Sean Wiid | CEO | Person | Chief Executive Officer of UP42. |