SpeedCast Acquires Sait Communications, Gains Maritime Foothold in Europe
[Via Satellite 07-28-2015] SpeedCast has signed a definitive agreement to acquire Sait Communications, a fast-growing maritime communications service provider in southern Europe. Sait Communications has been active in the maritime communications business for close to 10 years, and services about 2,500 ships, including many of Greece’s largest shipping companies. SpeedCast anticipates the acquisition will significantly expand its exposure to the shipping sector, particularly in southern Europe where Greece is one of the largest maritime markets.
Sait Communications has rolled out Inmarsat’s Fleet Broadband service to close to 1,500 vessels over the past few years, and has more recently started providing VSAT broadband services. According to SpeedCast, the combined entity will be one of the largest service providers to the maritime sector in the market today, servicing more than 5,000 vessels with a wide portfolio of communications and IT services.
“Our maritime business is a key growth engine for SpeedCast. With this acquisition, we are expanding our presence in major and fast growing maritime markets in southern Europe. These low VSAT-penetrated markets are well positioned for accelerated growth,” said Pierre-Jean Beylier, CEO of SpeedCast.
The transaction is expected to close on July 31. Sait Communications is SpeedCast’s second acquisition this month, following that of NewSat’s teleport and satellite services business.