Neo Space Group to acquire UP42 earth observation platform from Airbus

Neo Space Group to acquire UP42 earth observation platform from Airbus
by Erica Marchand
Paris, France (SPX) Dec 04, 2024

Neo Space Group (NSG), Saudi Arabia's premier commercial space services company and backed by the Public Investment Fund (PIF), has signed a definitive agreement to acquire UP42, Airbus Defence and Space's earth observation (EO) digital platform. The transaction remains subject to regulatory approvals and customary closing conditions. UP42, launched by Airbus in 2019 in Berlin, Germany, offers an advanced cloud-based platform to access and analyze geospatial data.

NSG plans to integrate UP42 into its expanding Geospatial division, following its recent acquisition of Taqnia ETS. The UP42 platform consolidates data from more than 80 leading geospatial providers, allowing seamless access and management for industries like agriculture, urban planning, infrastructure monitoring, and disaster management. Customers can utilize its tools to solve practical geospatial challenges and enhance outcomes across diverse sectors.

Martijn Blanken, CEO of NSG, remarked, "By integrating the UP42 platform into the KSA ecosystem, we are positioning NSG to deliver cutting-edge geospatial insights for one of the world's fastest-growing economies. This acquisition is pivotal in fulfilling our vision to lead innovation in the geospatial sector both locally, and globally, and further contribute to the growth of the space economy in Saudi Arabia, in full alignment with Saudi Vision 2030."

This move aligns with NSG's strengthened role in EO services, supported by its permit to provide Earth Observation Platform Services in Saudi Arabia, granted by the Communications, Space, and Technology Commission (CST) earlier this year.

Sean Wiid, CEO of UP42, commented, "Joining NSG is an exciting step for UP42. Our continued international business growth will support the ambition to make NSG a global leader in geospatial innovation. At the same time, we will play a key role in developing a robust Earth observation ecosystem within Saudi Arabia for the benefit of the Government, Agriculture, Energy, Travel, and Tourism sectors."

NSG, established in May 2024 by PIF, aims to position Saudi Arabia as a leader in the satellite and space industries. The organization is dedicated to fostering innovation, supporting emerging industries, and advancing the country's Vision 2030 goal of economic diversification.