IoT start-up Myriota Pty Ltd. of Australia, has entered into a deal with Canadian company, exactEarth Ltd. for the sale of four in-orbit satellites. This transaction is pending approval from Canadian authorities. The deal will see Myriota pay exactEarth, CAD$150,000 and see exactEarth gain CAD$450,000 worth of shares in Myriota. This will increase exactEarth’s existing 18 per cent holding of the company.
If allowed to continue, the deal will see the EV1, EV6, EV9 and EV11 units transferred to Myriota. The deal also includes associated radio-spectrum licenses, and four exactEarth employees who will join the new Myriota Canada office to provide satellite operations services.
Corporate logo of Myriota. Courtesy of Myriota
Since the AIS capability of the satellites is not why Myriota have bought them, they have agreed to provide the AIS data back to exactEarth. The benefit Myriota will gain from this transaction lies in the spectrum management, satellite operations and geographic realms. Having a foothold in the North American region is a big plus for the company, and the Canadian operations centre allows for greater communications with their in-orbit satellites.
Update on 28 April 2020: Myriota has since closed a Series B round of financing on 6 April 2020. The deal is worth US$19.3 million.
