SatixFy is a vertically integrated fabless semiconductor chip company providing products based on in-house developed chips across the entire satellite communications value chain
SatixFy customers include a list of significant players in the satellite telecom industry, such as Telesat, OneWeb, Airbus and others.
This transaction along with a recently completed capital raise will result in up to $350 million in gross proceeds assuming no trust redemptions, including a $29 million PIPE with participation from key institutional investors including Sensegain Group and Antarctica Capital, and a Committed Equity Facility of up to $75 million from CF Principal Investments LLC, an affiliate of Cantor Fitzgerald. In addition, the Company recently closed on an additional financial commitment of $55 million from Francisco Partners.
Transaction implies a pro forma implied equity value of the combined company at approximately $813 million.
SatixFy Communications Ltd. (“SatixFy”), a leader in next- generation satellite communication systems based on in-house developed chipsets, and Endurance Acquisition Corp. (“Endurance”) (NASDAQ: EDNC), a publicly traded special purpose acquisition company formed by an affiliate of Antarctica Capital, an international private equity firm with $2 billion of assets under management, announced today a definitive merger agreement that will result in SatixFy becoming a publicly listed company.
Top iTechnology Cloud News: Kyligence High Performance Cloud OLAP Launches in AWS Marketplace
“Antarctica Capital formed Endurance to focus on space-based digital infrastructure companies,” said Endurance CEO Richard Davis. “SatixFy represents an exceptional opportunity as a technology enabler for space-based communications both to the ground and in-flight.”
SatixFy is a vertically integrated fabless semiconductor chip company providing products based on its own chipsets across the entire satellite communications value chain. The company designs its own chips, codes its own software and builds its own modem and digital beamforming antenna products that they then sell to leading satellite industry players like Telesat, OneWeb, ST iDirect and Airbus. SatixFy products provide a step function increase in performance that enables these customers to offer new and more powerful satellite-based services based on better optimized performance of the entire network.
For example, SatixFy’s Sx3099 ASIC is the only commercially available modem that can natively support the newest version of the DVB-S2X waveform standard featuring beam hopping, which is a key feature to unlock value for the next generation of Low Earth Orbit (LEO) satellite constellations. SatixFy’s Prime digital beamformer chips enable the creation of smart flat panel antennas for use in ground terminals or in satellite payloads and can form and dynamically steer a larger number of radio frequency spot beams, each of wider bandwidth with higher gain and less losses, than any competing solution.
SatixFy Co-Founder and CEO Yoel Gat has a 35-year history of creating value in the satellite sector, founding and growing prior successful companies such as Gilat Satellite Network and RaySat, Inc.
“We are selling the picks and shovels for the 21st Century’s gold rush in space,” said Mr. Gat. “The proceeds from this transaction will put us in position to quickly grow in what we see as a $20 billion 2029 market opportunity across several segments, including both ground terminals and payloads for Low Earth Orbit (LEO) broadband satellites, as well as commercial and business aircraft. We have high visibility to at least $40 million in 2022 revenue from contracts with existing customers. With the addition of the new available funds from this transaction the company is targeting strong business expansion, which will result in strong revenue growth with profitability expected in 2023 and beyond. Longer term we are well positioned to capitalize on other potentially large incremental opportunities.”
Top iTechnology Automation News: Radisys Connect RAN Software Selected by Celona for Integration within its Critically Acclaimed 5G LAN Solution
Transaction Overview
The transaction has been unanimously approved by the Board of Directors of Endurance, as well as the Board of Directors of SatixFy, and is subject to the satisfaction of customary closing conditions, including the approval of the stockholders of Endurance.
The combined entity will receive approximately $201 million from Endurance’s trust account, assuming no redemptions by Endurance’s public stockholders, as well as $29 million in gross proceeds from institutional investors participating in the transaction via a committed private placement investment (“PIPE”) including Sensegain Group and Antarctica Capital. Sensegain Group is a global investor focusing on value investments in TMT, Healthcare, and Advanced Manufacturing sectors, with portfolio companies including Palantir, eToro, and Synaptive. In addition, the Company has received a Committed Equity Facility of $75 million from CF Principal Investments LLC an affiliate of Cantor Fitzgerald. Prior to the announcement of the transaction, SatixFy received $55 million from Francisco Partners, in the form of a secured term loan.
Additional information about the proposed transaction, including a copy of the business combination agreement and investor presentation, will be provided in Endurance’s Current Report on Form 8-K and in SatixFy’s registration statement on Form F-4 which will include a document that serves as a proxy statement of Endurance, referred to as a proxy statement/prospectus, each of which will be filed with the Securities and Exchange Commission (“SEC”) and available at www.sec.gov.
iTechnology IOT News: New, Innovative GC and GC-MS Product Portfolio Enables Greater Uptime and Efficiency
[To share your insights with us, please write to sghosh@martechseries.com]
