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Google to Acquire Skybox Imaging for US$ 500 Million

google(1)Google Inc. (NASDAQ: GOOG) announced that it has entered into an agreement to buy Skybox Imaging for $500 million in cash, subject to adjustments.

Skybox’s satellites will help keep Google Maps accurate with up-to-date imagery. Over time, we also hope that Skybox’s team and technology will be able to help improve Internet access and disaster relief — areas Google has long been interested in.

The transaction is subject to customary closing conditions, including the receipt of regulatory approvals in the US.

About:  Skybox has designed satellites to capture images and deliver them to customers with details down to less than a meter according to its website. Targeted industries include agriculture, mining and insurance.  The imagery company, whose initial business plan was written in 2009, has a team of more than 100 people, according to its website. Skybox’s investors include Khosla VenturesBessemer Venture PartnersCanaan Partners and Norwest Ventures Partners. It has raised more than $85 million.=

Source:  Google Press Release

Comment:  We reported in May that Google was in talks to buy Skybox Imaging Inc., a provider of high-definition imagery.  Negotiations are early and a deal may not take place.  It was reported that the price could be in the $1 billion range.

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