SatelliteFinance understands that satellite-based asset tracking company SkyBitz is on the block.
According to a source who has seen details of the deal, a sales process is currently underway and while it is at an early stage, a number of potential…
SatelliteFinance understands that satellite-based asset tracking company SkyBitz is on the block.
According to a source who has seen details of the deal, a sales process is currently underway and while it is at an early stage, a number of potential bidders have expressed an interest.
Based near Washington D.C., SkyBitz specialises in remote asset tracking and information management services for both governmental and commercial customers. The company was originally founded as Eagle Eye Technologies in 1992 and two years later was awarded two contracts to design a satellite based tracking system by the Defense Advanced Research Projects Agency (DARPA). In 2002, SkyBitz took this technology and launched it commercially.
In 2010, SkyBitz announced a strategic partnership with Iridium Communications in which the latter will provide SkyBitz with two-way global mobile satellite services.
The company is privately-held by a group of venture capital investors including CIBC Capital Partners, AIG Highstar Capital, Inverness Graham Investments, Motorola Ventures and ITV, a fund of Cordova Ventures.
Since 2000, SkyBitz has raised over US$45m in four funding rounds. In October 2008, Orix Venture Finance, a New York-based venture capital company, provided a US$5m senior secured loan and US$3m revolver to SkyBitz, its first debt financing.
