AAC Clyde Space Expands to U.S. with SpaceQuest Acquisition
AAC Clyde Space will acquire Virginia-based small satellite tech company SpaceQuest, Ltd. to grow operations in the U.S. and to expand Space-as-a-Service offerings. This follows after AAC Clyde Space, a Swedish company that provides small satellite solutions, last week announced the acquisition of Hyperion.
SpaceQuest has built and launched 20 spacecrafts and supplies satellite components for institutions including NASA, the U.S. Department of Defense (DOD). Space Quest operates a fleet of satellites that hosts experimental payloads for clients and collects Automatic Identification System (AIS) messages used in numerous maritime applications in its Space-as-a-Service model.
In the acquisition, announced Oct. 15, AAC Clyde Space will acquire all SpaceQuest shares for $8.4 million in a payment to SpaceQuest owners of 24 million new AAC shares. Following the acquisition, SpaceQuest shareholders will own approximately 20% of the total number of shares and votes in AAC excluding the shares intended to be issued to Hyperion shareholders. The acquisition is subject to the approval of the Committee of Foreign Investment in the United States (CFIUS)
AAC works with clients in the U.S., but this acquisition will expand its U.S. operations even further with a new location in Virginia. It will grow AAC’s workforce to 107 employees between three locations in Uppsala, Sweden; Glasgow, Scotland; and Fairfax, Virginia. The combined group’s pro-forma revenue is approximately $5.8 million ($51 million SEK) in Q1-Q2 2020.
“We are transforming AAC into a true leader in the small satellite field. With SpaceQuest we gain a commercially attractive Space as a Service business and a strong foothold in the U.S, the largest and most dynamic space market. Last week’s announcement of the acquisition of Hyperion shows our commitment to providing state of the art technology. By bringing these two companies into the group we become a truly global supplier of space systems and a very attractive partner for companies who are looking to exploit opportunities based on data from space,” Chairman Rolf Hallencreutz commented.