Astrocast acquires dutch IOT provider

Hiber provides asset monitoring and tracking solutions to industrial customers, through satellite-connected devices that allow customers to monitor and track assets in remote locations. Its services include wellhead monitoring for major oil and gas companies and asset tracking for off-grid worksites in sectors such as agriculture, forestry, and mining. Its business model is based on multi-year subscriptions covering sensors, network hardware, satellite connectivity and a dashboard.

Under the agreement, Astrocast agreed to acquire all of Hiber’s shares in exchange for the issuance of new Astrocast shares, representing 16.5% of Astrocast’s share capital, calculated prior to its previously announced public offering on Euronext Growth Paris. Astrocast's market cap amounts to about CHF36 million.

Listing on Euronext Growth Paris

The acquisition is conditioned on the completion of Astrocast’s planned public offering on Euronext Growth Paris and is expected to close immediately following the public offering. In April Astrocast announced its intention to apply for a listing on Euronext Growth Paris, in addition to its existing listing on Euronext Growth Oslo. Astrocast intends to raise €60m to €80m in connection with the listing. Hiber’s shareholders also agreed to invest €10.45 million in Astrocast’s public offering.

Fabien Jordan, Astrocast’s CEO said the following about the acquisition: With this acquisition, Astrocast will gain access to customer segments that we have historically had little traction with. These segments complement Astrocast’s current sales effort. In addition, this acquisition will strengthen financing opportunities for Astrocast, benefiting investors, and accelerating the total fundraising plan for Astrocast.”

(Press release / SK)