Iridium Buying Satellite PNT Services Firm Satellites Inc.
Iridium hopes it will close within weeks on its acquisition of Satellites Inc. and its satellite-based time and location augmentation services, Iridium said Monday. Iridium will focus on allowing easier adoption of satellite time and location services and their integration…
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with autonomous systems, consumer devices and vehicles, according to the news release. The company has a 20% stake in Satellites now and is buying the remaining 80% for $115 million. The precision navigation and timing market "is growing; it's a perfect application of our network, and this solution solves a problem for critical industries better than anything else," Iridium CEO Matt Desch said.