EagleView® Sets New Standard for Aerial Image Capture with Acquisition of Spookfish
26 July 2018 - 10:23PM
Business Wire
Leading provider of aerial imagery and data analytics commits to
next generation aerial image capture technology, advancing industry
standards for both image resolution and capture efficiency.
Eagle View Technologies, Inc. (“EagleView®”), the leading
provider of aerial imagery and data analytics, is proud to announce
its intention to acquire Spookfish Limited (ASX:SFI) (“Spookfish”),
an Australian listed public company focused on the development and
commercialization of premium next generation geospatial imagery
products and services, under an all-cash offer of AUD $0.08 per
Spookfish share.
With this acquisition, EagleView simultaneously secures advanced
Spookfish aerial camera technology for mass adoption in North
America and establishes a presence in the Australian market. This
acquisition follows an initial investment in Spookfish by EagleView
in May 2016, and more than two years of joint development work to
optimize Spookfish image capture technology.
Spookfish aerial cameras allow EagleView to capture at much
higher resolution, defined by GSD (Ground Sample Distance), and
establish a new standard in aerial image resolution for each of its
markets. Higher resolution capture provides customers with very
sharp images containing significantly more detail. This in turn
allows them to interpret property features, conditions or changes
with more accuracy and confidence.
“We are excited to welcome Spookfish technology, solutions and
personnel to the EagleView portfolio,” said EagleView CEO Rishi
Daga. “After two years of rigorously developing and testing aerial
cameras with our partners at Spookfish, we have unequivocally
determined that this is the best capture solution for the next
decade. With this technology we will reset the bar for aerial image
quality and be able to enter new markets that require higher image
resolution than is available today.”
This acquisition yields another significant benefit to
EagleView. As the leading provider of aerial imagery and property
reports, in addition to its recent launch in the United Kingdom and
its position in North America, EagleView will now have an operating
presence in Australia. Spookfish captured its first commercial
survey of Perth in early 2017 and has been capturing and publishing
imagery around Australia since.
Spookfish CEO Jason Waller said, “This represents an auspicious
milestone for both companies. Spookfish has been working closely
with EagleView to develop and deliver our technology since 2016.
With our capture program in Australia ramping up and sales traction
growing, this has the ability to accelerate that growth through
leveraging EagleView’s extensive product suite and experience.”
The acquisition gives EagleView the opportunity to enter new
markets and increase value in existing market segments with higher
resolution imagery that feeds more image detail to machine learning
processes. The application of image processing algorithms on higher
resolution imagery yields better insights to insurance
underwriters, tax assessors, city planners and others who need
accurate information about property condition or change.
EagleView looks forward to closing this transaction and fully
integrating Spookfish technology into its image capture operations,
as well as welcoming the Spookfish team to EagleView.
The acquisition will be effected via a scheme of arrangement
between Spookfish and eligible Spookfish shareholders under the
Australian Corporations Act. Whilst the acquisition is subject to
customary shareholder and regulatory approvals and other customary
conditions, EagleView expects the transaction to be completed in
the fourth quarter of calendar 2018.
King & Wood Mallesons and Kirkland & Ellis LLP
represented EagleView, a portfolio company of Vista Equity Partners
in connection with its intention to acquire Spookfish.
About EagleView
EagleView is the leading provider of high-resolution aerial
imagery, property data analytics and structural measurements for
government agencies, insurance carriers, roofing contractors and
energy utilities. Using patented image capture techniques, 3D
aerial measurement software and machine learning processes,
EagleView helps customers answer questions related to millions of
properties throughout the world. With a sixty-petabyte library of
oblique and orthogonal Pictometry® aerial imagery dating back to
2001 and the capacity to process tens of thousands of roof
measurement reports per day, EagleView enables organizations to
reduce field visits and adopt faster, safer and more cost-effective
workflows. For more information, contact (866) 659-8439 or
visit www.eagleview.com.
About Spookfish
Spookfish Limited (ASX: SFI) is an Australian listed public
company focused on the development and commercialisation of premium
next generation geospatial imagery products and services. By
starting from a clean sheet and challenging what was thought
impossible, Spookfish’s revolutionary technology enables rapid
imaging of vast areas in high resolution from a multitude of angles
at a fraction of the cost of contemporary systems. Spookfish aims
to use these capabilities to make it easy for organisations of all
sizes to gain access to premium imagery content and pervasive 3D
models allowing concise, accurate and cost effective
decision-making.
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version on businesswire.com: https://www.businesswire.com/news/home/20180726005474/en/
MEDIA CONTACTS:For EagleViewMelissa
Mazurek585-444-2504melissa.mazurek@eagleview.comorFor
SpookfishJason WallerCEO, Spookfish Limited+61 8 6365
5626jason.waller@spookfish.com
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