EagleView Technologies recently entered into a definitive merger agreement with Pictometry International, leading provider of geo-referenced aerial image capture and visual-centric data analytics solutions. Post the signing of this agreement; both companies have merged their business into a one entity. The transaction was closed on January 7, 2013.
Chris Barrow, chief executive officer at EagleView, will head the management team of the new company as the president and chief executive officer.
In a statement, Chris Barrow said that, “Pictometry and EagleView each offer a highly valued set of solutions, which are excellent complements in the geo-referenced aerial imaging industry. In combining Pictometry’s world-class data and aerial image capture assets with EagleView’s remote measurement and analysis solutions, we are leveraging a portfolio of incredible technologies and world-class insights. This will create a compelling platform for continued strong growth and accelerating innovation. Now, with an even larger set of high-resolution imagery and unmatched data reports and services, we can offer more data, more compelling solutions and more value to our respective government and commercial clients, while also creating additional opportunities across multiple new market segments and geographic areas.”
The merger has resulted in the creation of one single global entity which will now provide both government and commercial customers with advanced range of geo-referenced aerial imagery and analytical software solutions. The newly formed company will deliver robust set of aerial imagery collections, geospatial analytics, and 3D measurement technology capabilities. The merger will also result in a diversified revenue base, an extensive pool of combined financial resources, advanced product features and benefits and greater growth opportunities within the current customer base and allow the company to break into new market segments.
The creation of the new entity includes the merger of pro forma revenue of both companies, which amounts to approximately $100 million for the calendar year 2012. Furthermore, under the terms of the merger agreement, both companies have joined in a stock-for-stock merger-of-equals transaction.
Edited by Brooke Neuman