SatSure, a deep tech start-up working at the intersection of space tech, artificial intelligence (AI), and software as a service (SaaS), has acquired the Philadelphia-based Old City Innovations (formerly Geospoc LLC, USA) in a cash plus stock deal.
The acquisition of Old City Innovations (OCI), which provides geospatial services in agriculture, mortgage, and insurance marks SatSure’s entry into the US market. Post the acquisition, the key management personnel of OCI will join SatSure, which will take over the customers’ contracts and leverage OCI’s expertise to expand its geospatial analytics business footprint in the US market.
“US is the largest market for solutions with Earth observation (EO) data at its core, and hence having our presence there is in our plan 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, said: “SatSure’s product offerings are niche, differentiated, and 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 providing services to our existing customers, while expanding the footprint of our business with the diverse offerings that SatSure has, particularly at the intersection of the infrastructure and climate resilience sectors.”
“The OCI buyout is the second acquisition by SatSure in 2022, first one being of Indore-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 a tremendous opportunity to expand our products and services in new market segments,” Basu said.
May 27, 2022