March 30 (SeeNews) - US-based geospatial solutions provider Planet Labs said it has signed an agreement to acquire Slovenian earth observation (EO) data platform developer Sinergise.
Planet Labs expects the acquisition to enable customers to more easily extract insights from various sources of satellite data and partners to build their own applications on top of its platform, the company said in a statement on Wednesday.
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Transaction terms were not disclosed.
Sinergise's technology powers the EU-backed Sentinel Hub, an advanced API-driven, cloud streaming platform that allows customers to access multi-source EO data for processing, analysis, and insight extraction, Planet Hub said.
Planet has over 150 satellites in orbit collecting over 350 million square kilometers of imagery daily, with a dataset of on average 1,300 images of every location on Earth’s landmass, according to its website.
"Our integration with Sentinel Hub will meaningfully accelerate our Earth Data Platform plans, in particular by lowering barriers to access for EO data expanding the market and allowing partners to quickly and easily build applications, lowering the time to value creation. Furthermore, this acquisition underscores our strong commitment to investing in Europe, and building and enabling the downstream market ecosystem there," Planet Labs CEO and co-founder Will Marshall noted in the statement.
The transaction is expected to close during the second quarter of Planet Labs' current fiscal year and is subject to certain closing conditions.
Ljubljana-based Sinergise is developing and operating machine-learning-based solutions for monitoring the planet, from agriculture activities to the identification of newly built constructions.