Satellite company SkyBox just announced that it has been acquired by Google for $500 million. The two have been in talks for several months now, with the deal finally being announced today. SkyBox Imaging is a company that takes high resolution photos using satellites. Google, in a statement, had the following to say about the company:
“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.”
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The most obvious implementation of SkyBox is for expanding and improving Google Maps, but as the company said in its statement, it can also be used to improve Internet and disaster relief. Google has said multiple times that it is working to bring Internet to unconnected areas. Most recently, a report claimed that Google is planning to spend upwards of $1 billion on satellites for this technology. Google also warned that the price of the deal is “subject to adjustments” and that it still must receive regulatory approval.
The SkyBox technology could also be implemented into Google’s Project Loom venture. Project Loom is a similar program that Google hopes to use to bring Internet availability to third world counties and developing areas.
The full blog post from SkyBox is below:
We’re thrilled to announce that Skybox Imaging has entered into an agreement to be acquired by Google!
Five years ago, we began the Skybox journey to revolutionize access to information about the changes happening across the surface of the Earth.
We have made great strides in the pursuit of that vision.
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, and 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.
In addition, we wouldn’t be here without the unwavering support of our friends and family. This has been an incredible journey, and we look forward to working with our new Google family and the world at-large to write the next chapter.
We should point out that our agreement with Google, which is subject to customary approvals and closing conditions, hasn’t closed yet. So in the short term, it will continue to be business as usual at Skybox.
Onwards and Upwards!
The Skybox Team