M&A

M&A

Spacetech startup SatSure acquires US-based geospatial services provider OCI

BusinessLine  

SatSure, a deep tech startup working at the intersection of space tech, artificial intelligence (AI), and software-as-a-service (SaaS), has acquired Philadelphia-based Old City Innovations (OCI - formerly Geospoc LLC, USA) - in a cash plus stock deal. OCI provides geospatial services in agriculture, mortgage, and insurance. The acquisition marks SatSure's entry into the US market. Post the acquisition, the key management personnel of OCI will join SatSure, which will take over the customers' contracts and leverage OCI's expertise to expand its footprint in the US market.

From the Venture Intelligence PE-VC Deal Database: Between Nov 2021 and Feb 2022, SatSure has raised over USD 5 million from Baring India, ADB, Flowstate Ventures as well as angel investors including Karthik Bhat (Force Ventures) and Saikiran Krishnamurthy.