Under the agreement, Astrocast agreed to acquire all of Hiber’s shares in exchange for the issuance of new Astrocast shares, representing 16.5% of Astrocast’s share capital, calculated prior to its previously announced public offering on Euronext Growth Paris. Hiber’s shareholders also agreed to invest €10.45 million in Astrocast’s public offering.
Hiber provides asset monitoring and tracking solutions to industrial customers, through satellite-connected devices that allow customers to monitor and track assets in remote locations. Its services include wellhead monitoring for major oil and gas companies and asset tracking for off-grid worksites in sectors such as agriculture, forestry, and mining. Its business model is based on multi-year subscriptions covering sensors, network hardware, satellite connectivity and a dashboard.
The acquisition of Hiber is expected to bring a number of key benefits for Astrocast:
- Expands Astrocast’s distribution strategy by establishing a direct-to-end user sales channel
- Accelerates Astrocast’s OEM strategy by increasing the development of additional satellite-enabled IoT devices
- Expands Astrocast’s portfolio of products and services by adding the HiberHilo remote oil well monitoring solution and Hiber Easypulse asset tracking solution
- Adds coverage of the Americas region, based on Hiber’s access to L-band spectrum, through its agreement with Inmarsat. Astrocast has no plans to replace Inmarsat completely and intends to leverage this relationship to complement its offering.
- Brings onboard 50+, highly skilled and experienced IoT specialists, who have unique technical capabilities and understanding of customer IoT needs across multiple verticals
- Expands Astrocast’s sales team by adding Hiber’s sales force and creating cross-sell opportunities
- As Hiber’s customers include ExxonMobil, Shell, Oil Search, NAM and ENI, the combined group will also have additional exposure to clients in the energy industry and the ability to support their transition to renewable energy production
In addition, Astrocast’s sales and go-to-market strategy will be expanded by adding a direct-to-market sales channel in select verticals. This will complement Astrocast’s existing partner sales strategy. Hiber’s expertise within oil & gas will enable Astrocast to further penetrate this market. By combining Astrocast and Hiber’s technical expertise, Astrocast will also be able to better leverage end-users and accelerate its OEM strategy.
Fabien Jordan, Astrocast’s CEO, said, “We’ve carefully monitored Hiber’s impressive shift in strategy over the past few years. Hiber is recognised as a powerful IoT scale-up within the market. Hiber’s focus on satellite-enabled IoT solutions, innovation and production aligns with Astrocast’s strategic go-to-market priorities for 2022 and beyond. We’re excited to welcome Hiber to the growing Astrocast team.”
Jordan added, “We’re excited about the positive implications of the transaction for our investors. With this acquisition, Astrocast will gain access to customer segments that we have historically had little traction with. These segments complement Astrocast’s current sales effort. In addition, this acquisition will strengthen financing opportunities for Astrocast, benefiting investors, and accelerating the total fundraising plan for Astrocast.”
Roel Jansen, CEO of Hiber, said, “Hiber brings IoT solutions to its customers located in the most remote locations on Earth; we are democratizing data for industries that previously did not have access to affordable and easy-to-use solutions via satellites. We are excited to join forces with Astrocast to continue developing and providing world-class IoT solutions that are unrivalled in service excellence and product innovation within the IoT space.”
Astrocast SA operates a leading, global smallsat IoT network, offering services in industries such as Agriculture & Livestock, Maritime, Environment & Utilities to name a few. The Astrocast network enables companies to monitor, track, and communicate with remote assets from anywhere in the world. It relies on superior L-band spectrum through a strategic alliance with Thuraya. In partnership with Airbus, CEA/LETI and ESA, Astrocast developed Astronode S, an ultra-low power and miniaturized module compatible with inexpensive L-band patch antennas. Founded in 2014 by a renowned team of experts, Astrocast develops and tests all its products in-house, from the satellites to the terminals. Astrocast is listed on the Euronext Growth Oslo.
Hiber offers end-to-end IoT solutions for remotely monitoring off-grid assets located anywhere in the world using reliable, affordable satellite connectivity to help customers to reduce costs, increase safety and operational efficiency. Its solutions include HiberHilo for oil and gas well monitoring, and HiberEasypulse for asset tracking and fleet monitoring in the transport, mining, construction, agriculture and forestry industries. Hiber was founded in 2016 and has its office in Amsterdam in the Netherlands. In 2021, Hiber secured €26 million in EU and private investment, and has been recognised by Wired and Amazon Web Services as a leading European startup. Learn more at hiber.global.