SatSure Acquires Old City Innovations to Enter US Geospatial Market

Photo: NASA

Space data and analytics company SatSure has acquired Philadelphia-based geospatial services company Old City Innovations in a bid to enter the U.S. market. Old City Innovations (OCI), formerly Geospoc LLC, USA, provides geospatial services in mortgage, agriculture, insurance, and drone markets in the U.S. 

SatSure is based in Bengaluru, India, and provides analytics using satellite data for industries including insurance, agriculture, and public infrastructure. SatSure announced the cash plus stock deal on May 27. OCI’s key management will join SatSure and expand its geospatial analytics business footprint in the U.S. market. SatSure will continue to service OCI’s current customers. 

CEO Prateep Basu said OCI’s experience in financial and technology services was a factor in the acquisition. 

“The U.S. is undoubtedly the largest market for solutions with Earth observation data at its core, and hence having our presence there is the next step in our plans to become a global force in the space industry, as a full stack EO company with a keen focus on customer’s decision intelligence,” Basu commented. 

SatSure is working to launch its own constellation of satellites and signed an MoU last year with Bellatrix Aerospace for its satellite platform. This acquisition follows after Satsure acquired Indore-based farm management software-as-a-service tool CropTrails.