Astrocast acquires Hiber, accelerates OEM strategy

30 May 2022

Astrocast acquires Hiber, accelerates OEM strategy

Acquisition enhances direct-to-market strategy; accelerates OEM strategy; and increases penetration within the energy and asset tracking markets

LAUSANNE, Switzerland, 30 May, 2022 – Astrocast, a leading global nanosatellite IoT network operator, today announced the signature of an agreement to acquire Hiber, a Netherlands-based, IoT-as-a-Service provider. 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.

Key benefits for Astrocast

The acquisition of Hiber is expected to bring a number of key benefits for Astrocast:

  • It expands Astrocast’s distribution strategy by establishing a direct-to-end user sales channel 
  • It accelerates Astrocast’s OEM strategy by increasing the development of additional satellite-enabled IoT devices
  • It expands Astrocast’s portfolio of products and services by adding the HiberHilo remote oil well monitoring solution and Hiber Easypulse asset tracking solution 
  • It adds coverage of the Americas region, based on Hiber’s access to L-band spectrum, through its agreement with Inmarsat
  • It brings onboard 50+ highly skilled and experienced IoT specialists, who have unique technical capabilities and understanding of customer IoT needs across multiple verticals
  • It expands Astrocast’s sales team by adding Hiber’s sales force and creating cross-sell opportunities
  • Since 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

Enhancing Astrocast’s sales and go-to-market strategy, and OEM strategy

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.

“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.”

said about the acquisition Fabien Jordan, CEO of Astrocast

Fabien Jordan, CEO of Astrocast

Commenting on the impact of the transaction on Astrocast investors, Fabien 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.”

“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.”

added Roel Jansen, CEO of Hiber 
Roel Jansen, CEO of Hiber

Astrocast’s public offering on Euronext Growth Paris

The acquisition is conditioned on the completion of Astrocast’s public offering on Euronext Growth Paris and is expected to close immediately following the public offering. It is also subject to customary closing conditions.

About Astrocast

Astrocast SA operates a leading global nanosatellite 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. For more information visit www.astrocast.com 

About Hiber

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.

Important information 

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Laurent Vieira de Mello, Chief Operating Officer, Astrocast SA, on may 30, 2022 at 8 am CEST.

DISCLAIMERS

This announcement does not, and shall not, in any circumstances constitute an offering or an invitation in connection with any offer.

No communication and no information in respect of this transaction or of the Company may be distributed to the public in any jurisdiction where a registration or approval is required. No steps have been or will be taken in any jurisdiction where such distribution would be unlawful or a registration, approval or other measure is required. The issuance, the subscription for or the purchase of the Company’s shares may be subject to specific legal or regulatory restrictions in certain jurisdictions. The Company assumes no responsibility for any violation of any such restrictions by any person.

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This announcement is not a prospectus within the meaning of Regulation (EU) 2017/1129 of the European Parliament and the Council of 14 June 2017 (the “Prospectus Regulation”). With respect to the member States of the European Economic Area (each, a “relevant member state”) no action has been undertaken or will be undertaken to make an offer to the public of the shares requiring a publication of a prospectus in any relevant member state. Consequently, the securities cannot be offered and will not be offered in any member state, except in accordance with the exemptions set out in Article 1(4) of the Prospectus Regulation, or in the other case which does not require the publication by the Company of a prospectus pursuant to the Prospectus Regulation and/or applicable regulation in the member states.

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This announcement is not an offer to sell or a solicitation of offers to purchase or subscribe for securities. This announcement is not a prospectus or a similar notice within the meaning of the Swiss Financial Services Act (the “FinSA”) and will not be reviewed by any competent authority in Switzerland. The Company does not intend to conduct a public offering of securities in Switzerland within the meaning of the FinSA. Consequently, the securities may not be publicly offered, directly or indirectly, in Switzerland within the meaning of the FinSA except under the exemption provided by art. 36 (1) (b) FinSA (offer addressed to fewer than 500 investors) or any other applicable exemption provided under the FinSA.

Forward-looking statements

This announcement contains statements regarding the prospects and growth strategies of the Company. These statements are sometimes identified by the use of the future or conditional tense, or by the use of forward-looking terms such as “considers”, “envisages”, “believes”, “aims”, “expects”, “intends”, “should”, “anticipates”, “estimates”, “thinks”, “wishes” and “might”, or, if applicable, the negative form of such terms and similar expressions or similar terminology. Such information is not historical in nature and should not be interpreted as a guarantee of future performance. Such information is based on data, assumptions, and estimates that the Company considers reasonable. Such information is subject to change or modification based on uncertainties in the economic, financial, competitive or regulatory environments.

This information includes statements relating to the Company’s intentions, estimates and targets with respect to its markets, strategies, growth, results of operations, financial situation and liquidity. The Company’s forward-looking statements speak only as of the date of this announcement. Absent any applicable legal or regulatory requirements, the Company expressly disclaims any obligation to release any updates to any forward-looking statements contained in this announcement to reflect any change in its expectations or any change in events, conditions or circumstances, on which any forward-looking statement contained in this announcement is based.

The Company operates in a competitive and rapidly evolving environment; it is therefore unable to anticipate all risks, uncertainties or other factors that may affect its business, their potential impact on its business or the extent to which the occurrence of a risk or combination of risks could have significantly different results from those set out in any forward-looking statements, it being noted that such forward-looking statements do not constitute a guarantee of actual results. 

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