360° Coverage : Google buying satellite maker Skybox for $500M

10 Updates

Google buying satellite maker Skybox for $500M

Jun 10 2014, 1:02pm CDT | by

SAN FRANCISCO (AP) — Google is buying Skybox Imaging in a deal that could serve as a launching pad for the Internet company to send its own fleet of satellites to take aerial pictures...

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7 weeks ago

Google buying satellite maker Skybox for $500M

Jun 10 2014, 1:02pm CDT | by

SAN FRANCISCO (AP) — Google is buying Skybox Imaging in a deal that could serve as a launching pad for the Internet company to send its own fleet of satellites to take aerial pictures and provide online access to remote areas of the world.

The $500 million acquisition announced Tuesday initially will provide Google with the means to improve the quality and immediacy of the satellite imagery used in its digital maps.

Google Inc. plans to use Skybox's satellite already in orbit to supplement the material that it licenses from more than 1,000 sources, including other satellite companies such as DigitalGlobe and Astrium.

Eventually, though, Skybox could turn into another Google "moonshot" — a term that CEO Larry Page has embraced for describing ambitious projects that could take several years to materialize.

Google hopes to build more satellites that could be used to beam Internet access to points around the world. That would expand an effort that Google began a year ago when it unveiled "Project Loon" — a venture featuring jellyfish-shaped balloons equipped with antennas to bring the Internet to parts of the world without the proper wiring to get online.

The expansion into satellites comes two months after Google bought drone maker Titan Aerospace for an undisclosed amount.

As the owner of the world's most popular search engine and email service, Google typically benefits when more people are on the Internet to see the ads that generate most of the company's annual revenue of $55 billion.

Google has parlayed its prosperity to finance about 250 million acquisitions during the past decade, using many of them to expand into new markets, including maps and mobile devices. To the frustration of some investors, Google also has been spending billions of dollars exploring new frontiers of technology, including driverless cars, Internet-connected headwear and a startup called Calico striving to find ways to slow the aging process.

Skybox is a 5-year-old startup in Mountain View, California, located a mile-and-half from Google's headquarters in the same Silicon Valley city. Led by aerospace industry veteran Tom Ingersoll, Skybox has been working on additional satellites that should be easier to complete with Google's backing.

"The time is right to join a company who can challenge us to think even bigger and bolder, and who can support us in accelerating our ambitious vision," Skybox said in a blog post.

Skybox had previously raised about $91 million in venture capital. The company says it employs about 100 people.

Google is hoping to gain regulatory approval to take control of Skybox Imaging within the next few months. The deal needs approval from the National Oceanic and Atmospheric Administration, as well as the Federal Communications Commission.

 
Update
10

7 weeks ago

RM47mil KWSG contributions still unclaimed

Jun 9 2014 7:54am CDT | Source: Business Times Malaysia

KUALA LUMPUR: About RM47 million of contributions in the Teachers Provident Fund (KWSG) still remain unclaimed, the Dewan Rakyat was told ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
9

7 weeks ago

Gold shop lost almost RM1mil

Jun 9 2014 3:50am CDT | Source: Business Times Malaysia

KANGAR: A gold shop owner lost almost RM1 million after after the safe on in his shop was broken into by ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
8

7 weeks ago

Motion to debate MAS losses in Dewan Rakyat rejected

Jun 9 2014 3:39am CDT | Source: Business Times Malaysia

KUALA LUMPUR: AN emergency motion to debate the losses incurred by Malaysia Airlines last year, amounting to RM1.2 billion was reje ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
7

7 weeks ago

MH370 Tragedy: Hisham: RM27.6 mil spent on 1st phase of SAR

Jun 9 2014 2:11am CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia spent some RM27.6 million in its first phase of the search operations for missing Malaysia Airline flight MH370, said Acting Transport Minister, Datuk Seri Hishammuddin ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
6

7 weeks ago

9.1m litres of diesel seized in a month

Jun 8 2014 1:11am CDT | Source: Business Times Malaysia

PUTRAJAYA: The Domestic Trade, Cooperatives, and Consumerism ministry has seized some 9.1 million litres of diesel and property worth RM58 million since mounting ‘Operasi Diesel Se ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
5

7 weeks ago

Girl, 9, awarded RM2.78m compensation for medical negligence

Jun 6 2014 4:56am CDT | Source: Business Times Malaysia

KUALA LUMPUR: A nine-year-old girl who suffered brain damage during her birth at a government hospital was awarded over RM2.78 millio ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
4

7 weeks ago

Malaysia's total trade in April up 12pc

Jun 5 2014 11:52pm CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia's total trade in April 2014 rose by 12 per cent from a year ago to RM123.86 billion due to growing trading activities, International Trade and Industry Minister ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
3

8 weeks ago

Works Ministry to spend RM20m for upgrading works at 50 accident black spots

Jun 4 2014 11:35pm CDT | Source: Business Times Malaysia

JOHOR BARU: The Works Ministry will implement upgrading works at 50 accident prone locations in the country that have been identified this year involving an allocation of R ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
2

8 weeks ago

Najib launches loan scheme for Ramadan traders

Jun 4 2014 10:24pm CDT | Source: Business Times Malaysia

PUTRAJAYA: Prime Minister Datuk Seri Najib Razak today launches RM45 million Ramadan Bazaar ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
1

8 weeks ago

Residents bring up objection against Kidex to Suhakam

Jun 4 2014 4:49am CDT | Source: Business Times Malaysia

PETALING JAYA: A group of 20 Petaling Jaya residents held a meeting with the Human Rights Commission of Malaysia (Suhakam) over their objection against the proposed RM2.2 billion Kinrar ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 

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