Neo Space Group (NSG), a Public Investment Fund-owned company, has entered into a definitive agreement with Airbus Defence and Space (Airbus) to acquire its UP42 business, a next-generation earth observation digital platform. The agreement is subject to the satisfaction of customary closing conditions, including required regulatory clearances. UP42, launched by Airbus in 2019 in Berlin, Germany, is a pioneer in streamlining access to and deriving insights from geospatial data via a cloud-based platform.
UP42 is expected to be part of NSG’s growing geospatial division. Its earth observation digital platform provides customers access to data and analytics from over 80 of the world’s leading geospatial companies, making it easy to source and manage diverse data from multiple providers through one seamless interface. Customers of UP42 can leverage the platform to solve real-world geospatial challenges and deliver value to their end-customers across a range of market verticals, including agriculture, urban planning, real estate, infrastructure monitoring, disaster management, and more.
Commenting on the agreement, Martijn Blanken, NSG Chief Executive Officer, said: “By integrating the UP42 platform into the KSA ecosystem, we are positioning NSG to deliver cutting-edge geospatial insights for one of the world’s fastest growing economies. This acquisition is pivotal in fulfilling our vision to lead innovation in the geospatial sector both locally, and globally, and further contribute to the growth of the space economy in Saudi Arabia, in full alignment with Saudi Vision 2030.”
The announcement further reinforces the strategic role NSG will play in providing EO services, after The Communications, Space, and Technology Commission (CST) of Saudi Arabia announced in July this year that NSG had won the permit to provide the Earth Observation (EO) Platform Service in Saudi Arabia.
Sean Wiid, Chief Executive Officer of UP42, said: “Joining NSG is an exciting step for UP42. Our continued international business growth will support the ambition to make NSG a global leader in geospatial innovation. At the same time, we will play a key role in developing a robust Earth observation ecosystem within Saudi Arabia for the benefit of the Government, Agriculture, Energy, Travel, and Tourism sectors”.
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