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Iridium Communications Inc. (NASDAQ: IRDM) has finalized the purchase of Satelles, Inc., stepping into a leading role in the provision of secure satellite-based time and location services. This strategic move introduces Iridium Satellite Time and Location (STL), a new addition to Iridium's comprehensive suite of communication solutions. The acquisition signifies Iridium's commitment to enhancing by Clarence Oxford
Los Angeles CA (SPX) Apr 03, 2024
Iridium Communications Inc. (NASDAQ: IRDM) has finalized the purchase of Satelles, Inc., stepping into a leading role in the provision of secure satellite-based time and location services. This strategic move introduces Iridium Satellite Time and Location (STL), a new addition to Iridium's comprehensive suite of communication solutions. The acquisition signifies Iridium's commitment to enhancing global communication infrastructures with advanced security measures against potential GPS and GNSS vulnerabilities.
Iridium STL, now a core component of the company's offerings, facilitates the integration of secure time-synchronization and location services into the operations of its vast network of partners worldwide. Designed to thwart threats like spoofing and jamming, Iridium STL operates with minimal hardware requirements, eliminating the need for external antennas, thereby safeguarding critical sectors such as aviation, maritime, land mobile, and the burgeoning field of IoT.
Iridium's CEO, Matt Desch, expressed enthusiasm about the market's positive reception to Iridium STL, highlighting the company's intent to aggressively promote its adoption globally. Leveraging its robust satellite network and extensive partner ecosystem, Iridium aims to bolster the reliability, efficiency, and security of vital services on which society depends.
The unique capabilities of Iridium's crosslinked Low Earth Orbit (LEO) satellite architecture underpin the superior performance of Iridium STL. Offering secure, indoor-compatible signals that are far more potent than those of traditional GNSS constellations, Iridium STL ensures uninterrupted service, even when conventional systems falter.
Looking ahead, Iridium projects significant growth for its STL business, anticipating annual service revenues to surpass $100 million by 2030, alongside additional income streams from related equipment and engineering services. This acquisition marks a historic milestone for Iridium, representing its inaugural venture into expanding its business through acquisition.
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