Acquisition described as being the right fit at the right time
Bangalore, India — (ReleaseWire) — 05/29/2022 — SatSure, a deep tech startup working at the intersection of spacetech, Artificial Intelligence (AI), and Software as a Service (SaaS) to drive decision intelligence, is pleased to announce the acquisition of Philadelphia based Old City Innovations (formerly Geospoc LLC, USA) in a cash plus stock deal, marking its entry into the U.S. market.
Old City Innovations (OCI) was founded in 2014 and counts Syngenta, DMI, and Applied Residential among its key customers. Headed by Archie Menezes and Cara Kolson, OCI has been providing geospatial services in the domains of mortgage, agriculture, insurance, and drone markets in the U.S. Post the acquisition, the key management personnel of OCI will be joining SatSure, which will take over the customers contracts and leverage OCI’s expertise to expand its geospatial analytics business footprint in the U.S. market.
“The U.S. is undoubtedly the largest market for solutions with Earth observation (EO) data at its core, and hence having our presence there is the next step in our plans to become a global force in the space industry as a full-stack EO company with a keen focus on customer’s decision intelligence. The team at OCI has deep experience in financial and technology services, and we are excited to work jointly towards creating value in the overall NAM market,” said Prateep Basu, founder and CEO of SatSure.
Archie Menezes, President of OCI, added, “SatSure’s product offerings are niche, differentiated, and very relevant for the NAM markets. Hence, joining forces to tap into the vast potential of the geospatial analytics space was the natural step forward for us. We will continue servicing our existing customers while expanding the footprint of our business with the diverse offerings that SatSure has, especially at the intersection of the infrastructure and climate resilience sectors.”
This marks the second acquisition deal by SatSure in 2022, the first one being of India based farm management SaaS tool CropTrails. In addition to our Agri suite of solutions, the Non-Agri solutions line SatSure Skies, which caters to users in the mortgage, utilities, and energy sectors, provides us with a tremendous opportunity to expand our products/services in new market segments. SatSure will continue growing both organically and inorganically to achieve its strategic goals and diversify its product geography mix to prepare for exponential growth through backward integration as its high resolution and daily revisit providing satellite fleet is launched in 2024.
Please reach out to firstname.lastname@example.org to know more about SatSure and how we can be your partner in expanding geospatial analytics capabilities.
SatSure offers three main decision intelligence products: a) SatSure Sparta: a platform for providing agriculture and climate-related insights; b) SatSure SAGE: life cycle risk monitoring and business intelligence product suite for agriculture banking; c) SatSure SKIES: high-resolution satellite imagery-based infrastructure change detection product suite.
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