Spacetech start-up SatSure enters the US Market with the acquisition of geospatial firm Old City Innovations
- ByStartupStory | May 28, 2022
SatSure, a Bengaluru-based space tech startup has announced the cash and equity acquisition of Philadelphia-based Old City Innovations (previously Geospoc LLC, USA) to signify its foray into the US market.
Founded in 2017 by Prateep Basu, Abhishek Raju, and Rashmit Singh Sukhmani, SatSure offers geospatial services in agricultural, mortgage, and insurance. Following the purchase, OCI’s senior management team would join SatSure, which will take over the customers’ contracts and utilize OCI’s expertise to extend its geospatial analytics business presence in the US market.
Prateep Basu the CEO of SatSure stated “US is the largest market for solutions with Earth observation (EO) data at its core, and hence having our presence there is in our plan to become a global force in the space industry, as a full-stack EO company with a keen focus on customer’s decision intelligence. The team at OCI has deep experience in financial and technology services, and we are excited to work jointly towards creating value in the overall NAM market,”.
Founded by Prateep Basu, SatSure’s purchase of OCI is the company’s second acquisition in 2022, after the buyout of Indore-based agricultural management SaaS product CropTrails. In addition to our Agri suite of solutions, the SatSure Skies non-Agri solutions line serves consumers in the mortgage, utilities, and energy sectors and offers a huge chance to extend our goods and services into new market areas.
Archie Menezes, President of OCI quoted “SatSure’s product offerings are niche, differentiated, and relevant for the NAM markets. Hence, joining forces to tap into the vast potential of the geospatial analytics space was the natural step forward for us’.
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