A couple weeks ago, we heard rumors that Google was on the verge of acquiring Skybox Imaging, a satellite company, for over $1 billion. While the price is only $500 million, both companies did finally announce the acquisition.
Google said in a statement, "Skybox’s satellites will help keep Google Maps accurate with up-to-date imagery. Over time, we also hope that Skybox’s team and technology will be able to help improve Internet access and disaster relief — areas Google has long been interested in."
In a message on the company's blog, the Skybox team writes:
We’ve built and launched the world’s smallest high-resolution imaging satellite, which collects beautiful and useful images and video every day. We have built an incredible team and empowered them to push the state-of-the-art in imaging to new heights. The time is right to join a company who can challenge us to think even bigger and bolder, and who can support us in accelerating our ambitious vision.
Skybox and Google share more than just a zip code. We both believe in making information (especially accurate geospatial information) accessible and useful. And to do this, we’re both willing to tackle problems head on — whether it’s building cars that drive themselves or designing our own satellites from scratch.
We are who we are because of the incredible customers, partners, & advisors who have given their time, wisdom, resources & encouragement over the years. To the people who believed in us before anyone else, you know who you are. Thank you.
The acquisition hasn't closed yet, but the agreement has been made. It's still subject to regulatory approval and closing conditions.
Image via Skybox Imaging