Astrocast Picks Up Hiber To Expand Satellite Offerings
The Internet of Things company plans to broaden its reach into the oil and gas industry with its acquisition of Hiber.
Internet of Things (IoT) company Astrocast is acquiring Hiber, a Netherlands-based, IoT-as-a-service provider. Under the agreement, Astrocast agreed to acquire all of Hiber’s shares in exchange for the issuance of new Astrocast shares. Hiber’s shareholders also agreed to invest €10.45 million in Astrocast’s public offering.
“We’ve carefully monitored Hiber’s impressive shift in strategy over the past few years,” Fabien Jordan, Astrocast’s CEO, said. “Hiber is recognized as a powerful IoT scaleup within the market. Hiber’s focus on satellite-enabled IoT solutions, innovation, and production aligns with Astrocast’s strategic go-to-market priorities for 2022 and beyond.”
“With this acquisition, Astrocast will gain access to customer segments that we have historically had little traction with,” he added.
Hiber provides asset monitoring and tracking with satellite-connected devices. Its services include wellhead monitoring for major oil and gas companies and asset tracking for off-grid worksites in sectors such as agriculture, forestry, and mining. Its business model is based on multiyear subscriptions covering sensors, network hardware, satellite connectivity, and a dashboard.
Astrocast said in a news release that it expects the acquisition of Hiber will add coverage of the Americas region, based on Hiber’s access to the L-band spectrum through its agreement with Inmarsat. Astrocast said it has no plans to replace Inmarsat.
Hiber’s customers include ExxonMobil, Shell, Oil Search, NAM, and ENI
“Hiber brings IoT solutions to its customers located in the most remote locations on Earth,” said Roel Jansen, Hiber’s CEO. “We are democratizing data for industries that previously did not have access to affordable and easy-to-use solutions via satellites."
The acquisition is conditioned on the completion of Astrocast’s public offering on Euronext Growth Paris and is expected to close immediately following the public offering.