MCLEAN, Va., April 2, 2024 /PRNewswire/ -- Iridium
Communications Inc. (NASDAQ: IRDM), a leading provider of
global voice and data satellite communications, today announced
that it has completed its acquisition of Satelles, Inc. The
closing of this acquisition establishes Iridium as the leader in
highly secure satellite-based time and location services that
complement and protect GPS and other GNSS-reliant systems.
Now referred to as Iridium® Satellite Time and
Location (STL), the service joins the Iridium portfolio of
solutions available for direct integration by the company's
ecosystem of approximately 500 partners around the world. Iridium
STL makes it easy to secure GPS and other GNSS-reliant systems'
time-synchronized applications from vulnerabilities like spoofing
and jamming, using small, low-cost hardware that doesn't require
outdoor antennas. The solution helps secure critical
infrastructure, data centers, 5G base stations and applications
across the aviation, maritime, land mobile and IoT sectors.
"The initial feedback we've gotten from partners in the short
time since the initial announcement has made us even more excited
about Iridium STL's potential. We're ready to step on the gas and
expand the availability of Iridium STL to markets around the
world," said Iridium CEO, Matt
Desch. "With our experienced partner ecosystem and global
footprint, this needed capability can quickly help make the
critical services we all rely on every day more efficient, reliable
and secure."
Enabled by the Iridium satellite constellation's crosslinked LEO
architecture, Iridium STL delivers truly global, secure time and
location signals that are 1,000 times more powerful than GNSS
constellations, works indoors and continues to work during regional
GNSS system outages. Iridium anticipates the Iridium STL line of
business will generate over $100
million in service revenue per year by 2030, with additional
revenue from equipment and engineering. The closing of this
transaction marks completion of the first acquisition of another
company in Iridium's history.
To learn more about Iridium, visit: www.iridium.com
About Iridium Communications Inc.
Iridium® is the only mobile voice and data satellite
communications network that spans the entire globe. Iridium enables
connections between people, organizations, and assets to and from
anywhere, in real time. Together with its ecosystem of partner
companies, Iridium delivers an innovative and rich portfolio of
reliable solutions for markets that require truly global
communications. In 2019, the company completed a generational
upgrade of its satellite network and launched its specialty
broadband service, Iridium Certus®. Iridium
Communications Inc. is headquartered in
McLean, Va., U.S.A., and its common stock trades on the
Nasdaq
Global Select Market under the ticker symbol IRDM.
For more information about Iridium
products, services, and partner solutions, visit
www.iridium.com.
Forward-Looking Statements
Statements in this press release that are not purely
historical facts may constitute forward-looking statements as
defined in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements regarding the
capabilities and potential revenue contribution of the Iridium STL
service. Forward-looking statements can be identified by the words
"anticipates," "may," "can," "believes," "expects," "projects,"
"intends," "likely," "will," "to be" and other expressions that are
predictions or indicate future events, trends or prospects. These
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of Iridium to differ materially from
any future results, performance or achievements expressed or
implied by such forward-looking statements. These risks and
uncertainties include, but are not limited to, uncertainties
regarding integration of Satelles's operations and personnel, the
development of and market for Iridium STL products and services,
and Iridium's ability to maintain the health, capacity and content
of its satellite constellation, as well as general industry and
economic conditions, and competitive, legal, governmental and
technological factors. Other factors that could cause actual
results to differ materially from those indicated by the
forward-looking statements include those factors listed under the
caption "Risk Factors" in the Company's Form 10-K for the year
ended December 31, 2023, filed with
the Securities and Exchange Commission ("SEC") on February 15, 2024, as well as other filings
Iridium makes with the SEC from time to time. There is no assurance
that Iridium's expectations will be realized. If one or more of
these risks or uncertainties materialize, or if Iridium's
underlying assumptions prove incorrect, actual results may vary
materially from those expected, estimated or projected. Iridium's
forward-looking statements are based on information available to it
as of the date of this press release and speak only as of the date
of this press release, and Iridium undertakes no obligation to
update forward-looking statements.
Press
Contact:
|
Investor
Contact:
|
Jordan
Hassin
|
Kenneth Levy
|
Iridium Communications
Inc.
|
Iridium Communications
Inc.
|
Jordan.Hassin@Iridium.com
|
Ken.Levy@Iridium.com
|
+1 (703)
287-7421
|
+1 (703)
287-7570
|
X:
@Iridiumcomm
|
|
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