Google Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) signed an agreement to acquire Skybox Imaging for $500 million in cash to help maintain the accuracy of Google Maps with up-to-date images.
The search engine giant also hopes that the team of Skybox Imaging and its technology will be able to help improve internet access and disaster relief. Google Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) has long been interested in resolving the existing challenges confronting these internet access and disaster relief around the world.
In a blog post, the management of Skybox Imaging said they built and launched the world’s smallest high-resolution imaging satellite that collects beautiful, useful images and videos every day. The company also stated that it has an incredible team “empowered to push the state-of-the-art in imaging to new heights.”
Skybox Imaging further said, “The time is right to join a company who can challenge us to think even bigger and bolder, and who can support us in accelerating our ambitious vision.” According to the satellite imaging company, its shares the vision of Google Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) in making information accessible and useful, and both companies are willing to tackle problems unflinchingly—whether developing self-driving cars of designing satellites from scratch.
The business operations of Skybox Imaging will continue as it is until the closing of its deal with Google Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL). The acquisition agreement is subject to customary closing condition and regulatory approvals in the United States.
Earlier this month, it had been reported that the search engine giant was planning to make huge investments in satellites worth over $1 billion to provide internet access particularly to the underserved parts of the world.
Greg Wyler, the founder of satellite communication start-up, 03b Networks recently joined Google Inc (NASDAQ:GOOG) (NASDAQ:GOOGL). He is leading the satellite project of the search engine giant.
In April, the search engine giant purchased Titan Aerospace, maker of high-altitude, solar powered-satellites that provide access to data services worldwide.
The search engine giant is also working on Project Loon, a balloon-powered internet access as it believes that there is no single solution that can connect the 5 billion people the currently have no internet connectivity. Jennifer Haroon, Access Principal at Google Inc (NASDAQ:GOOG) (NASDAQ:GOOGL), previously stated that the company has been investing in and developing many big ideas over the years to bring internet access to more people worldwide.