Planet, a leading provider of daily data and insights about
Earth, today announced that it has entered into an agreement to
acquire VanderSat, a leading provider of advanced earth data and
analytics. VanderSat’s innovative products help customers better
measure and understand water management and crop health in major
markets. Planet intends to leverage VanderSat’s technologies and
products in further pursuit of bringing to market next-generation
solutions that leverage the best of commercial and public satellite
data to provide clear and actionable information to help
industries, non-profits, and governments around the world.
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Earlier this year, Planet entered into a definitive merger
agreement with dMY Technology Group, Inc. IV (NYSE:DMYQ), a special
purpose acquisition company, to become a publicly-traded company
called Planet Labs PBC.
VanderSat has world-class expertise in providing insights to
customers by drawing from NASA, ESA and JAXA satellite data, and
has built a suite of novel products that report on key conditions
on the Earth’s surface, like soil moisture, land surface
temperature, vegetation optical depth, and biomass. VanderSat’s
unique algorithms deliver daily, global data products with great
accuracy, unhindered by changing cloud-cover and atmospheric
conditions.
“VanderSat is a mission-driven company with the goal to serve
one billion hectares of land in 2024. By joining Planet, our
mission and impact will be dramatically accelerated and together,
we aim to reach that goal in 2022”, said Dr. Thijs van Leeuwen, CEO
of VanderSat.
“We’re thrilled to welcome the VanderSat team to Planet. We
expect VanderSat’s analytics and industry expertise will help
Planet provide solutions ‘up the stack’ to bridge the gap from
complex remote-sensing science to products that offer improved data
to the ecosystem and our customers. And when one combines their new
data with Planet’s, the value is far greater than the sum of its
parts,” said Will Marshall, CEO and Co-Founder of Planet.
One of Planet’s goals is to bridge the gap between real-world
problems and the complexity of remote-sensing science. VanderSat is
another step towards that goal with their advanced analytics.
Planet believes its products will help to accelerate and expand its
position in one of its most important verticals - agriculture - and
help mature Planet’s offerings for others such as insurance, civil
government, and finance. For example, easier-to-consume data can
enable modeling to help financial institutions and insurers
quantify climate impacts on water availability and crop
production.
Adding VanderSat’s unique, all-weather data products to Planet’s
high-cadence and high-resolution global monitoring will bring even
greater value to users in agriculture, civil government and
insurance by providing them with richer insights and more precise
measurements. Planet’s unique platform and integrations will make
these products more accessible than ever before.
The VanderSat team is based in Haarlem, Netherlands and will
further increase Planet’s commitment to the European ecosystem. The
team, including their founder Dr. Richard de Jeu, and CEO Thijs van
Leeuwen will be joining Planet.
“This acquisition brings to Planet a world-class remote-sensing
data science team, top-tier accounts in the agriculture and
insurance verticals, accelerates our software strategy, and expands
our footprint in Europe,“ said Kevin Weil, Planet President of
Product and Business. “Not only does it allow us to see the planet
in new ways, but it also opens up the possibility for new
applications that can be used by new and existing customers across
our verticals.”
VanderSat will be Planet’s fourth acquisition (BlackBridge ‘15,
Terra Bella ‘17, and Boundless ‘19). Planet plans to continue to
look at opportunities to accelerate its product and business goals
through acquisitions as a natural consolidator in the earth
observation space.
Under the agreement, Planet is set to acquire VanderSat for
approximately $28 million, which consists of $18 million in shares
of Class A common stock of Planet Labs PBC, valued at a per share
price equal to the closing price of Class A common stock of Planet
Labs PBC on the NYSE on the last trading day prior to the
consummation of the acquisition of VanderSat, and approximately $10
million in cash.
The VanderSat transaction is expected to close in Q4 2021 and is
subject to customary closing conditions, as well as the closing of
the mergers with dMY Technology Group, Inc. IV).
About Planet
Planet is the leading provider of global, daily satellite
imagery and geospatial solutions. Planet is driven by a mission to
image the world every day, and make change visible, accessible and
actionable. Founded in 2010 by three NASA scientists, Planet
designs, builds, and operates the largest Earth observation fleet
of imaging satellites, capturing and compiling data from over 3
million images per day. Planet provides mission-critical data,
advanced insights, and software solutions to over 700 customers,
comprised of the world’s leading agriculture, forestry,
intelligence, education and finance companies and government
agencies, enabling users to simply and effectively derive unique
value from satellite imagery. To learn more visit www.planet.com
and follow us on Twitter at @planet.
About VanderSat
VanderSat is a leading provider of global satellite-observed
data, products and services over land with a special emphasis on
water and crops. VanderSat offers a unique and patented technology
that makes observations possible without any cloud and darkness
interference. VanderSat gives its customers essential insights into
soil and crop conditions by applying mathematical expertise to raw
data from a constellation of satellites.
About dMY IV
dMY Technology Group, Inc. IV is a $345 million special purpose
acquisition company founded by Niccolo de Masi and Harry You for
the purpose of effecting a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or similar business
combination with one or more businesses. Its Class A common stock,
units and warrants trade on the NYSE under the ticker symbols DMYQ,
DMYQ.U and DMYQ WS, respectively.
Important Information and Where to Find It
This press release may be deemed solicitation material in
respect of the proposed Business Combination between dMY IV and
Planet. The Business Combination will be submitted to the
stockholders of dMY IV and Planet for their approval. In connection
with the vote of dMY IV’s stockholders, dMY IV has filed a
Registration Statement with SEC, which includes a proxy
statement/prospectus and certain other related documents. dMY IV
has also commenced mailing the definitive proxy
statement/prospectus and a proxy card to each stockholder of record
as of October 19, 2021 entitled to vote at the special meeting
relating to the Business Combination. dMY IV also will file other
documents regarding the proposed transaction with the SEC. This
communication does not contain all the information that should be
considered concerning the proposed Business Combination and the
other matters to be voted upon at the special meeting and is not
intended to provide the basis for any investment decision or any
other decision in respect of such matters. dMY IV’s stockholders
and other interested parties are urged to read the definitive proxy
statement and any other relevant documents that are filed or
furnished or will be filed or will be furnished with the SEC
carefully and in their entirety in connection with dMY IV’s
solicitation of proxies for the special meeting, as these materials
will contain important information about Planet and dMY IV and the
proposed Business Combination and other related matters.
Stockholders will also be able to obtain copies of these materials,
without charge, once available, at the SEC’s website at
http://www.sec.gov, at the Company’s website at
https://www.dmytechnology.com or by written request to dMY
Technology Group, Inc. IV at 1180 North Town Center Drive, Suite
100, Las Vegas, Nevada 89144
Participants in the Solicitation
dMY IV, dMY Sponsor IV, LLC, Planet and their respective
directors and executive officers may be deemed participants in the
solicitation of proxies from dMY IV’s stockholders with respect to
the Business Combination. A list of the names of those directors
and executive officers and a description of their interests in dMY
IV is included in the definitive proxy statement of dMY IV for the
Business Combination and is available at www.sec.gov. You may
obtain free copies of these documents as described in the preceding
paragraph.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995 with respect to the
proposed transaction between dMY IV and Planet and the proposed
acquisition of VanderSat by Planet, including expected benefits of
that transaction. Actual results may differ from these
forward-looking statements and you should not rely on these
forward-looking statements as predictions of future events. Words
such as “expect,” “estimate,” “project,” “budget,” “forecast,”
“anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,”
“would,” “believes,” “predicts,” “potential,” “strategy,”
“opportunity,” “continue,” and similar expressions are intended to
identify such forward-looking statements. These forward-looking
statements involve significant risks and uncertainties that could
cause the actual results to differ materially from the expected
results. Most of these factors are outside dMY IV’s and Planet’s
control and are difficult to predict. Factors that may cause such
differences include, but are not limited to the risks and
uncertainties indicated from time to time in the proxy
statement/prospectus relating to the Business Combination,
including those under “Risk Factors” therein, and in dMY IV’s other
filings with the SEC. You should carefully consider the foregoing
factors and the other risks and uncertainties described in the
proxy statement/prospectus discussed above and other documents
filed by dMY IV from time to time with the SEC. These filings
identify and address or will identify and address other important
risks and uncertainties that could cause actual events and results
to differ materially from those contained in the forward-looking
statements.
Forward-looking statements speak only as of the date they are
made. Nothing in this communication should be regarded as a
representation by any person that the forward-looking statements
set forth herein will be achieved or that any of the contemplated
results of such forward-looking statements will be achieved. dMY IV
and Planet caution readers not to place undue reliance upon any
forward-looking statements, which speak only as of the date made.
dMY IV and Planet do not undertake or accept any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements to reflect any change in its
expectations or any change in events, conditions or circumstances
on which any such statement is based.
No Offer or Solicitation
This press release is for informational purposes only and shall
not constitute a solicitation of a proxy, consent or authorization
with respect to any securities or in respect of the Business
Combination. This press release shall also not constitute an offer
to sell or the solicitation of an offer to buy any securities, nor
shall there be any sale of securities in any states or
jurisdictions in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. No offering of securities
shall be made except by means of a prospectus meeting the
requirements of Section 10 of the Securities Act of 1933, as
amended, or an exemption therefrom.
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version on businesswire.com: https://www.businesswire.com/news/home/20211110005551/en/
Planet: M&A Ali Jafari
ali@planet.com
Press Megan Zaroda
Comms@planet.com
IR Chris Genualdi ir@planet.com
VanderSat: Robbert Mica rmica@vandersat.com
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