GeoEye to Acquire SPADAC Inc.

Posted by GIS talk On Wednesday, December 08, 2010
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GeoEye, Inc., a premier provider of superior satellite and aerial-based geospatial information and services, announced today that it has agreed to purchase 100 percent of the stock of SPADAC Inc., a geospatial predictive analytics company, for $46 million in cash and stock. Upon the completion of the acquisition, SPADAC will become a wholly owned subsidiary named GeoEye Analytics. This acquisition will enhance the breadth of GeoEye's information service offerings and expand its customer base into new markets.

SPADAC provides geospatial predictive analytic solutions to over 40 customers in key markets of defense, intelligence and homeland security. Since SPADAC's formation in 2002, its industry-leading predictive analytics technology, combined with its world-class team of geospatial analysts and intelligence professionals, enables SPADAC to help customers gain the insight they need to support their mission-critical operations around the world.

Matt O'Connell, GeoEye's president and chief executive officer, said, "GeoEye is pleased to welcome SPADAC's highly skilled employees to our team. We have worked together since 2007, when GeoEye acquired a minority ownership interest in the company. We believe that, by combining our imagery collection capabilities with SPADAC's location-based analytic solutions, we can help our customers gain unprecedented insight about the areas around the world in which they operate. We believe we will be the only company in the industry to provide this end-to-end capability."

"SPADAC will continue to be a strong, trusted partner to its existing customers and will now be able to leverage GeoEye's leadership and information service offerings such as EyeQ," said Mark Dumas, SPADAC's chairman and chief executive officer. "GeoEye will also provide us with the financial resources to broaden our capabilities to better serve our existing and future clients."

Brian O'Toole, GeoEye's chief technology officer, added, "SPADAC is a strong strategic fit; their technology and services will enable us to accelerate our growth in information services. By combining SPADAC's predictive analytic solutions with our EyeQ Web platform, we'll be able to offer subscription-based access to a new class of advanced information services."

SPADAC's revenues are forecasted to be approximately $27 million in 2010. Timing and completion of the transaction are subject to customary closing conditions.

CONFERENCE CALL INFORMATION

GeoEye Inc. (NASDAQ: GEOY), will host a conference call for investors and analysts to discuss the acquisition of SPADAC.

When: Dec. 8, 2010, at 9:00 a.m. EST

To Participate: At least 10 minutes prior to the conference call, callers wishing to participate on the call may dial toll-free (877) 776-4039. International callers who wish to listen may dial (631) 291-4808. Callers may identify themselves to the operator as GeoEye conference call participants or by using the conference ID: 29414974.

The conference call will also be webcast on the "Investor Relations" section of the Company's corporate Web site, www.geoeye.com. To directly access the live webcast, go here, and click on the "Dec. 8, 2010, Investor Update Webcast" link. Please allow 15 minutes before the scheduled start time to register, download and install any necessary audio software.

Replay: An audio replay of the this conference call will be available through midnight Dec. 15, 2010, by dialing 1-800-642-1687 and typing in the conference ID number: 29414974. International callers may dial 1-706-645-9291. An archived webcast of the conference call will be available here approximately two hours after the conclusion of the call.


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