Spire Global lines up new investor ahead of public listing
- By Ross Wilkers
- Apr 23, 2021
Spire Global, a space data company preparing for its public listing, has lined up a new investor to support further development of the core product ahead of that transaction’s completion.
Technology-focused private equity firm Francisco Partners will provide a $70 million convertible term loan to Spire and in turn receive a stock grant to become a shareholder, both entities said Thursday.
Shares in Reston, Virginia-headquartered Spire will begin trading on the New York Stock Exchange in the summer after it merges with NavSight Holdings, a special purpose acquisition company led by long-time federal market veteran Bob Coleman.
Established in 2012, Spire provides data and analytics services that are generated from its nanosatellites orbiting in space.
“We expect this financing will help us accelerate the roll-out of intersatellite links, cutting edge technology that reduces data latency for customers,” Spire CEO Peter Platzer said in a release.
For Francisco Partners, this partnership with Spire comes nearly three months after the San Francisco-headquartered investment firm completed its $1.5 billion acquisition of Forcepoint from former owner Raytheon Technologies.
The loan from Francisco Partners is subject to customary closing conditions, including the pay-down of Spire’s existing debt.
Ross Wilkers is a senior staff writer for Washington Technology. He can be reached at firstname.lastname@example.org. Follow him on Twitter: @rosswilkers. Also connect with him on LinkedIn.