Iridium to Expand its Reach as a Global Alternative PNT Service with Acquisition of Market Leader Satelles
MCLEAN, Va., March 4, 2024 /PRNewswire/ -- Iridium Communications Inc. (NASDAQ: IRDM), a leading provider of global voice and data satellite communications, today announced that it had entered into an agreement to acquire Satelles, Inc., the leader in highly secure satellite-based time and location services that complement and protect GPS and other GNSS-reliant systems. The service, named Satellite Time and Location (STL), is an easy-to-adopt, highly secure solution that increases the efficiency and reliability of timing systems for digital infrastructure like 5G base stations, data centers, and other critical infrastructure and protects against GNSS vulnerabilities using low-cost hardware that doesn't require outdoor antennas. This acquisition continues Iridium's philosophy of investing in differentiating technologies uniquely suited to its network that significantly outperform competing solutions.
- This acquisition continues Iridium's philosophy of investing in differentiating technologies uniquely suited to its network that significantly outperform competing solutions.
- Each of these servers requires time synchronization and can benefit from the in-server room efficiency and resilience delivered by Iridium STL.
- STL will become a new business line of Iridium, led by Satelles CEO, Dr. Michael O'Connor who will report to Iridium CEO, Matt Desch.
- A long-standing investor in Satelles, Iridium had an ownership stake of around 20 percent from three previous investments in the company.