AAC Microtec acquires CubeSat leader Clyde Space and creates a global leader in the high-growth market for small satellites and CubeSats.
NOT FOR DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, WITHIN OR TO THE UNITED STATES, AUSTRALIA, HONG KONG, JAPAN, CANADA, SWITZERLAND, SOUTH AFRICA OR NEW ZEALAND OR IN ANY OTHER JURISDICTION WHERE THE DISTRIBUTION OR PUBLICATION OF THIS PRESS RELEASE WOULD BE UNLAWFUL
The Swedish space tech company ÅAC Microtec AB ("AAC") has today entered into a share sale and purchase agreement to acquire 100% of the shares in UK based Clyde Space Ltd ("Clyde Space") (the "Transaction"), the leading player in the global, high-growth CubeSat market.
The acquisition will be paid for with 30 466 326 newly issued shares in AAC and GBP 2 million in cash, equivalent to approximately SEK 294 million (at a share price of 8.90 SEK/share). After completion of the acquisition, Clyde Space owners will hold 49 percent of AAC.
Being a fast-growing forerunner in the "New Space" market, Clyde Space has supplied complete platforms as well as over 2,000 subsystems for small spacecraft. In the CubeSat sector, Clyde Space is a market leader, supporting around 30-40 percent of all current and past missions. For the period Q1-Q3 2017, Clyde Space's revenues amounted to approximately GBP 3.98 million, corresponding to approximately million SEK 45 million. EBITDA for the same period amounted to approximately GBP -0.03 million, corresponding to approximately SEK -0.3 million. The company employs 77 individuals in Glasgow, Scotland.
Based on 10.9853 SEK/GBP
Through the acquisition, AAC multiplies its business volume and becomes a global leader in the market for high-reliability CubeSats and small satellites. The two companies combined will have a strong presence in Europe, the US and Asia, and will be able to offer a greater number of commercial and institutional customers a more complete range of high-reliability technology, products and platforms.
Pro forma, the combined company's revenue for Q1-Q3 2017 amounts to approximately SEK 59 million and EBITDA to approximately SEK -14.5 million (further details below).
The purchase price for 100% of the Clyde Space shares comprises 30 466 326 newly issued shares in AAC and GBP 2 million in cash. Post completion of the Transaction, the former Clyde Space owners will hold approximately 49 percent of the total number of shares and votes in AAC.
The Board of Directors of AAC has on 21st December decided on a new share issue in kind of 30 466 326 new shares in AAC to the owners of Clyde Space. The acquisition and the issue in kind are conditional upon approval of the extraordinary general meeting to be held on 29th January 2018. A notice to the extraordinary general meeting will be published separately.
Completion of the Transaction is expected to occur on 30th of January 2018.
AAC considers the possibility to carry out a directed share issue
The Board of Directors has engaged G&W Fondkommission to evaluate the possibility to raise additional growth capital through a directed share issue of up to 7 million new shares through a so called "accelerated book-building" procedure. The directed issue, if it is completed, is subject to approval from the extraordinary general meeting. The reasons for the deviation from the shareholders' preferential rights are mainly to diversify the shareholder base in AAC and strengthen the company's financial position in a time-efficient manner in connection to the announcement of the acquisition of Clyde Space.
The sellers will be bound by lock-up provisions as follows. One third of the AAC shares received as consideration are subject to a lock-up undertaking for 180 days, one third for 360 days and one third for 540 days from the first day of trading of the new issued shares on Nasdaq First North.
Clyde Space Ltd
Since the incorporation of UK-based Clyde Space in 2005, it has established itself as a forerunner in the "New Space" movement and a leader in the market for CubeSats, one of the fastest growing segments of the space technology sector. The company develops and manufactures complete, integrated small satellite solutions and CubeSats to commercial and institutional customers around the globe, including Audacy Space, DLR, ESA, JAXA, Kepler Communications, LUX Space, NASA, Outernet, Spire, the UK Space Agency, and the US Air Force.
In the CubeSat sector, Clyde Space prides itself on having more in-orbit heritage than any other supplier, supporting around 30-40 percent of all current and past CubeSat missions. Its products are designed for reliability, tackling potential issues from exposure to the radiation and thermal environments. In addition to complete satellite platforms, the company has supplied over 2,000 subsystems for spacecraft ranging from 1 kg to 250 kg in size, including more than 1,000 power systems, which account for over 500 cumulative years in orbit with zero reported failures.
Clyde Space offers 1U to 12U CubeSats, as well as complementary services for space missions. Its services support missions at all levels, from concept through design, development, integration and testing, to launch and on-orbit operations. The company's ground station is able to collate significant volumes of data from its satellites in orbit, transferring this on to customers for processing. The company has evolved, becoming a 'one-stop shop' that operates as a platform supplier, launch broker, satellite operator and data provider. Clyde Space has made significant investments to develop cutting edge infrastructure comprising state-of-the-art facilities, techniques and processes.
Between FY2014 and FY2017, Clyde space increased its revenue at an annual growth rate of 40%, reaching total revenue of around GBP 5.3 million in 2017 (fiscal year ending April 30th), corresponding to approximately SEK 59.9 million. EBITDA for 2017 was approximately GBP 0.2 million, corresponding to SEK 2.3 million.
Based on 11.2966 SEK/GBP
The company is privately held and headquartered in Glasgow. Main owners are Mr. Craig Clark (Founder and CEO) with 31.32% ownership, Nevis Capital LLP with 28.18% and Coralinn LLP/Mr. Hugh Stewart with 28.06%. Nine individuals, with less than 5% each, hold the remaining 12.44%.
More information can be found at www.clyde.space.
Background and acquisition rationale
AAC's ambition is to grow substantially, organically as well as through acquisitions, and be a leading, global player in the market for high quality small satellites, including components, subsystems and satellite busses as well as special purpose satellites.
The acquisition of Clyde Space is a significant step in this direction, jointly creating a clear leader in the market for high-reliability small satellites and CubeSats. The combined group will be a truly global business, with a footprint reaching over the US and Asia as well as Europe, including both the Eurozone and the UK.
By combining the two companies, a foundation for accelerated growth is laid, creating long-term opportunities for space industry development and job creation in Scotland, Sweden and other priority markets. The merger will indeed create opportunities to expand the workforce and capture market share in a fast-growing market.
The two companies' market positions, technology, product ranges and customer bases are complementary to a great extent. The opportunities for cross-fertilization of R&D activities and cross-selling of products are significant, and the case for going to market with joint offerings is strong.
Clyde Space's strong brand name in the "New Space" market, leading position in the CubeSat segment, high level of expertise, entrepreneurial spirit, and commercial success will form a cornerstone of the AAC group. On its part, AAC will add strong management and business development capabilities, well-developed international sales channels as well as its high-reliability heritage, state-of-the-art technology, and a range of reliable and flight-proven products in the somewhat larger "small satellite" segment. Furthermore, AAC is a listed company, with direct access to capital markets.
The combined company will offer high-reliability technology and products in a segment ranging from 1U CubeSats to 500 kg satellites. Hence, the combined company will be able to serve a greater market consisting of quality- and reliability-conscious customers, including commercial players with well-funded satellite constellation programs, as well as commercial and institutional customers demanding reliable, flexible and cost-efficient products for advanced small satellite missions.
Craig Clark, Founder and CEO of Clyde Space, comments: "We are very excited to join the internationally acclaimed and highly competent AAC team. AAC's complementing operations, advanced technology know-how, well-developed corporate structure and direct access to capital markets provide a great platform for the further development and growth of Clyde Space as well as the AAC group's business as a whole. With our combined resources, know-how and pools of highly competent individuals, we will jointly be able to boost the creation of innovative technology and products, and continue to lead the way in the most commercially interesting segments of the satellite market."
Alfonso Barreiro, CEO of AAC, comments: "Together with Clyde Space, we can offer a complete range of advanced and cost-efficient solutions that meets increasing customer demand for flexibility, reliability and prolonged satellite longevity. We will have advanced R&D, production and testing facilities in Uppsala and Glasgow, and effective sales channels to commercial and institutional customers across the globe. Our joint R&D capacity will be unique in our segment, enhancing our capability to offer state-of-the-art technology and supporting our strategy to develop robust products based on open architecture platforms to increase flexibility, scalability, and efficiency. I'm really looking forward to work closely together with Craig Clark and his team to drive commercialization and to lead the third industrial revolution in our part of the space technology market."
Rolf Hallencreutz, Chairman of AAC, adds: "We are very excited to welcome the talented and highly innovative Clyde Space team. Together, our companies secure a leadership position in the CubeSat market and can claim a strong position in the high-reliability small satellite segment. We also strengthen the foundation for continued corporate development, profitability improvements and accelerated top-line growth, organically as well as through additional M&A activities in the UK, Sweden and other markets."
Mr. Craig Clark, Clyde Space's founder, entrepreneur and CEO will join the AAC Management Team and Mr. Will Whitehorn, the Chairman of Clyde Space, is going to be proposed as a Board member of AAC at the EGM. Mr. Whitehorn, a former President of the human spaceflight enterprise Virgin Galactic, holds positions as Chairman of several privately held UK-based companies and as Deputy Chairman of Stagecoach Group PLC, Senior Non Executive Board member of GVC Holdings PLC, and Non Executive Director of Purplebricks Group PLC, all publicly traded on the London Stock Exchange.
The combined company
Highlights of the combined businesses
- A global leader in the market for nanosatellites and CubeSats and a strong position in the high-reliability small satellite segment.
- Offers technology, platforms systems and components for 1U-12U CubeSats and up to 500 kg satellites, as well as mission and data provision services.
- Revenue (pro-forma) exceeding SEK 59 million in Q1-Q3, 2017.
- Approximately 104 employees across locations in Sweden, UK and the US.
- Advanced R&D and manufacturing facilities in Uppsala, Sweden and Glasgow, Scotland.
- Sales offices in Europe and the US and distributors in Japan and South Korea.
- Customers across the globe, including Airbus, DLR, ESA, FMV, JAXA, Kepler, LUX Space, NASA, NEC/Toshiba, Outernet, Raytheon, RUAG, Spire, SSNB, UK Space Agency, US Airforce, US Army, and York Space Systems.
- Very well positioned in the high-growth small satellite market. At present, ~1,500 satellites are orbiting Earth. Euroconsult estimates that 6,214 small satellites (<500 kg) will be launched between 2017 and 2026. This means a 698 percent increase in small satellite launches over the next 10 years compared to the prior 10 years.
- AAC management estimates the current small satellite market value to nearly USD 2 billion (including larger, traditional small satellites), a number that is expected to reach an annual size of USD 3-4 billion by 2022.
- AAC's competitive advantage in relation to other small satellite suppliers is based on a combination of superior technology robustness/reliability, unique know-how in space-qualified miniaturized electronics, completeness of product portfolio, accumulated spaceflight heritage, company size/resources, international presence, breadth of customer base, and competitive price levels.
Preliminary pro forma accounts
A preliminary pro forma consolidated balance sheet per 30th September 2017 is presented below with the purpose of describing the financial situation after the Transaction. The pro forma consolidated balance sheet is solely intended to describe the hypothetical situation of the new group as if the Transaction had been completed as of 30th September 2017, based on AAC's and Clyde Space's financial situation as of 30th September 2017. Clyde Space has thus far had GBP as its reporting currency. The GBP figures have been translated to SEK using the FX rate as of 30th September 2017, with SEK/GBP at 10.8669.
A preliminary pro forma income statement of the new group for the first nine months of 2017 is shown below, with the purpose of describe a hypothetical income as if the Transaction had been completed as of 1 January 2017. No revenue synergies or cost reductions have been considered in the pro forma income statement. It is important to note that the pro forma income statement should not be considered an estimate for the current year or the coming twelve months. Clyde Space has thus far had GBP as its reporting currency. The GBP figures have been translated to SEK using the average FX rate for the period 1st January - 30th September 2017, with SEK/GBP at 10.9853.
AAC will, two weeks before the extraordinary general meeting, publish an updated company description with additional information about the operations acquired through the Transaction, the shareholder structure, and more details on the background and the rationale for the transaction.
Timetable for completion of the transaction
The timetable below is preliminary and may come to be altered.
- 22nd December 2017: Notice to extraordinary general meeting
- 29th January 2018: Extraordinary general meeting in AAC
- 30th January 2018: Completion of the acquisition
Conditions for the completion of the transaction
AAC's acquisition of Clyde Space is subject to the extraordinary general meeting's approval of the acquisition, change of articles of association, and the share issue in kind to the sellers of Clyde Space.
Extraordinary general meeting
An extraordinary general meeting in AAC is planned to be held 29th January 2018 to adopt the necessary resolutions for the implementation of the Transaction. For further information, please refer to the notice in a separate press release which is expected to be published 22nd December 2017, and the documentation which will be held available on AAC's website, www.aacmicrotec.com.
AAC's expenses for the transaction are estimated to amount to SEK 7.45 million.
Before entering the acquisition agreement, the parties conducted limited, customary due diligence reviews of certain business, financial and legal information relating to AAC and Clyde Space, respectively. During this process, no information which has not previously been disclosed and which could have a significant effect on price of the shares in AAC has been shared.
Ceres Advisors is acting as M&A advisor, PwC and G&W Fondkommission as financial advisors, and Setterwalls Advokatbyrå and Latham & Watkins as legal advisors to AAC in connection with the transaction. Livingstone Partners is acting as financial advisor, and Pinsent Masons and Torngren Magnell as legal advisors to the Clyde Space shareholders.
Audiocast for investors, analysts, and the media
ÅAC Microtec CEO Alfonso Barreiro and Clyde Space CEO Craig Clark will present ÅAC's acquisition of Clyde Space in an audiocast on Friday 22nd December 2017, at 10.00 am CET.
The audiocast can be followed directly at this link:
You may also participate by telephone, dial-in number(s) are as follows:
SE: +46 8 566 426 97
UK: +44 2 030 089 804
US: +1 855 831 59 46
21th December 2017
For further information, please contact:
Mr. Rolf Hallencreutz, Chairman of AAC Microtec AB at firstname.lastname@example.org
Mr. Will Whitehorn, Chairman of Clyde Space Ltd at email@example.com
The information in this press release is such that ÅAC Microtec AB (publ) shall announce publicly according to the EU Regulation No 596/2014 on market abuse (MAR). The information was submitted for publication, through the agency of the contact person set out above, at 18:05 CET on 21 December, 2017.
About AAC Microtec
AAC Microtec provides high value space solutions and systems for commercial, governmental and educational customers on the global market through its direct sales and marketing with representation in Europe and the USA as well as a partner network in Japan and South Korea.
The company has a rare ability to produce advanced and highly reliable satellite platforms, sub-systems and components with robust electronics at a competitive price. AAC has a strong competitive advantage in that it operates with ITAR-free products in the high-end segment of the small satellite market. The products are flight-proven and has strong heritage.
Today, AAC supplies a wide range of end-users with state-of-the-art systems plus technology services and support. Customers include Airbus, the European Space Agency (ESA), NASA, OHB, the US Air Force Research Laboratories (AFRL), JAXA, NEC/Toshiba, Raytheon, RUAG, the Swedish National Space Board (SNSB) and Swedish Defence Materiel Administration (FMV), Thales Alenia Space and York Space Systems as well as leading industrial groups now using our aerospace compliant devices in innovative products and applications.
AAC is a publicly listed company on Nasdaq First North Stockholm in Sweden. Major owners include, among others, Swedish Government-backed VC-firm Fouriertransform, RP Ventures, and Uppsala University Holding.
NOT FOR DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, WITHIN OR TO THE UNITED STATES, AUSTRALIA, HONG KONG, JAPAN, CANADA, SWITZERLAND, SOUTH AFRICA OR NEW ZEALAND OR IN ANY OTHER JURISDICTION WHERE THE DISTRIBUTION OR PUBLICATION OF THIS PRESS RELEASE WOULD BE UNLAWFUL.
This announcement is not and does not form a part of any offer for sale of securities. Copies of this announcement are not being made and may not be distributed or sent into the United States, Australia, Hong Kong, Japan, Canada, Switzerland, South Africa or New Zealand or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures.
This announcement is for information purposes only and does not constitute a prospectus or any offer to sell or the solicitation of an offer to buy any security in the United States or any other jurisdiction. Any securities that may be issued in connection with the transactions referred to in this announcement will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and accordingly will not be offered or sold in the United States.
This announcement is not a prospectus for the purposes of Directive 2003/71/EC (together with any applicable implementing measures in any Member State, the "Prospectus Directive").
Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe," "expect," "anticipate," "intend," "estimate," "will," "may," "continue," "should" and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although ÅAC Microtec AB believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this announcement by such forward-looking statements. The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice.
The presented unaudited financial information relates to information extracted from each company's financial reporting and differences in accounting policies may occur. The combined financial information is only an aggregation of this financial information for the various businesses for the different time periods in order to provide an indication of the combined entity's sales and earnings under the assumption that the activities were included in the same group from the beginning of each period. The aggregation is based on a hypothetical situation and should not be viewed as pro forma since adjustments for the effects of future acquisitions analyses, various accounting standards and transaction costs have not yet been possible to make. Future synergies have not been taken into account. The financial information has not been audited or otherwise reviewed by ÅAC Microtec AB's or Clyde Space Ltd's auditors.
ÅAC och dess partners har genom uppskjutningen av den banbrytande kubsatelliten SeaHawk-1 förflyttat frontlinjen för småsatelliter. ÅAC Microtecs dotterbolag Clyde Space har utvecklat och byggt SeaHawk-1, den första av två satelliter som ska levereras för SeaHawk-uppdraget. Den lyckade uppskjutningen av SeaHawk-1 skedde igår från SpaceX Falcon 9 som sköts upp från Vandenberg Spaceport i Kalifornien på SSO-A SmallSat Express. AAC Clyde har från sin markstation i Glasgow upprättat kontakt med SeaHawk-1 och konstaterat att satellitens alla system fungerar som planerat.
Small satellite experts at AAC Clyde and its partners have redefined the art of the possible with the launch of their latest cutting-edge CubeSat, SeaHawk-1. Clyde Space, part of the AAC Clyde, designed and built SeaHawk-1 the first of two satellites to be delivered for the SeaHawk demonstration mission. SeaHawk-1 was successfully launched yesterday on the SpaceX Falcon 9 launch vehicle from the Vandenberg Spaceport in California yesterday on SSO-A SmallSat Express. AAC Clyde has since made contact with SeaHawk-1 from their Glasgow based ground station, all spacecraft systems performing as planned.
Tredje kvartalet, juli - september 2018 (jämfört med juli - september 2017)
- Nettoomsättningen uppgick till 10,4 (2,3) MSEK.
- Rörelseresultatet före avskrivningar, EBITDA, uppgick till -13,8 (-5,2) MSEK
- Rörelseresultatet efter avskrivningar uppgick till -17,9 (-6,4) MSEK. Avskrivningar av övriga vid förvärvet av Clyde Space identifierade immateriella tillgångar uppgick till 1,3 MSEK
- Resultat efter skatt uppgår till -17,9 (-6,4) MSEK
- Resultat per aktie före och efter utspädning uppgick till -0,26 (-0,20) SEK
Nio månader, januari - september 2018 (jämfört med januari - september 2017)
- Nettoomsättningen uppgick till 48,9 (11,0) MSEK. Clyde Space Ltd, som förvärvades 31 januari 2018, ingår i omsättning och resultat från och med februari, dvs med 8 månader under perioden januari till september
- Rörelseresultatet före avskrivningar, EBITDA, uppgick till -31,9 (-14,1) MSEK. Rörelse-resultatet är belastat med förvärvskostnader från förvärvet av Clyde Space om 8,8 MSEK
- Rörelseresultatet efter avskrivningar uppgick till -43,6 (-17,9) MSEK. Avskrivningar av övriga vid förvärvet av Clyde Space identifierade immateriella tillgångar uppgick till 3,6 MSEK
- Resultat efter skatt uppgår till -43,1 (-18,0) MSEK
- Resultat per aktie före och efter utspädning uppgick till -0,67 (-0,57) SEK
ÅAC går över till redovisning enligt IFRS. Delårsrapporten för det tredje kvartalet 2018 blir ÅAC:s första delårsrapport som upprättas enligt IFRS. Jämförelsetal har räknats om sedan koncernens tidpunkt för övergång till IFRS den 1 januari 2017. Övergången till IFRS har genomförts för att anpassa koncernen till kraven för notering på Nasdaq First North Premier och i slutändan på Nasdaq Stockholm.
ÅAC Microtec will adopt to IFRS accounting principles. The interim report for the third quarter of 2018 will be ÅAC's first interim report, prepared in accordance with IFRS. Comparative figures for the Group under IFRS have been calculated from 1 January 2017. The transition to IFRS has been implemented to adapt the Group to the requirements for listing on Nasdaq First North Premier and ultimately at Nasdaq Stockholm.
ÅAC Microtec AB ÅAC har ingått ett avtal med Mauritius forskningsråd, Mauritius Research Council (MRC, mrc.org.mu) för att formalisera samarbetet kring en 1U-satellit samt missionstjänster till den banbrytande missionen Mauritian Infrared Satellite (MIR- SAT1). ÅAC ska leverera en fullt integrerad 1U-satellit samt ett brett tjänsteprogram som inkluderar utbildning, leverans av markstation och driftsstöd. Ordervärdet uppgår till 320 000 GBP (ca 3,8 MSEK) och ska levereras under 2019.
ÅAC Microtec AB ÅAC and the Mauritius Research Council, MRC (mrc.org.mu), have signed a contract to formalize the collaboration to deliver a 1U CubeSat and mission services for their pioneering Mauritian Infrared Satellite (MIR-SAT1) mission. The company will supply a fully integrated 1U CubeSat alongside a comprehensive mission service which includes, training, ground station delivery and operations support. The contract value amounts to £325,000 (approx. 3.8 MSEK) and will be delivered during 2019.
ÅAC vinner order på ett kraftdelsystem för en helt ny rymdapplikation. Kraftdelsystemet ska levereras under 2019 och ordervärdet uppgår till ca 5,2 MSEK.
ÅAC wins an order for the supply of a power subsystem to be utilized in a new application. The power subsystem will be delivered during 2019 and order value is approximately 5.2 MSEK.
Andra kvartalet 2018
- Nettoomsättningen uppgick till 22,1 (5,0) MSEK.
- Rörelseresultatet före avskrivningar, EBITDA, uppgick till -5,6 (-4,8) MSEK
- Rörelseresultatet efter avskrivningar uppgick till -18,4 (-6,1) MSEK. Goodwillavskrivning i enlighet med redovisningsregelverket K3 relaterade till förvärvet av Clyde Space Ltd uppgick till 10,2 MSEK
- Resultat efter skatt uppgår till -18,7 (-6,1) MSEK
- Resultat per aktie före och efter utspädning uppgick till -0,27 (-0,19) SEK
- Order på batterier från York Space Systems
- Order på sammanlagt 25,6 MSEK från aspirerande satellitkonstellationer
- Ökning av aktiekapital genom teckning av teckningsoption TO1
ÅAC Microtec AB Brittiska staten stödjer företag som arbetar med innovativa projekt och som gör framsteg inom vetenskap och teknik. Stödet sker genom en skattebefrielse (R&D Tax Credit). Clyde Space kvalificerar sig för skattebefrielsen genom den pågående utvecklingen av branschledande CubeSat-plattformar och delsystem.
ÅAC Microtec AB Research and development (R&D) tax credits are a UK government tax relief supporting companies that work on innovative projects making advances in science and technology. Clyde Space qualifies for R&D tax credits due to the ongoing development of industry leading CubeSat platforms and subsystems.
ÅAC har vunnit en order från kanadensiska Kepler Communications för leverans av en satellitplattform till deras Machine-to-Machine kommunikationslösning. Konstellationen är en föregångare till Keplers kommande GEN1-konstellation. Ordervärdet uppgår till ca 3,5 MSEK och omfattar leverans av en 6U-satellit under tredje kvartalet 2019 samt drifttagande av satelliten i omloppsbana.
ÅAC wins an order from Kepler Communications of Canada aiming to deliver a spacecraft platform for their Machine-to- Machine communications service. This mission is a precursor to their forthcoming GEN1 constellation. Including both satellite platform and on-orbit commissioning services, the order value is worth approximately 3.5 MSEK, with the platform to be delivered in Q3 2019.
ÅAC vinner ytterligare en uppföljningsorder från en japansk kund för leverans av den senaste generationen av Sirius delsystem som denna gång uppgraderas med LEON3FT-mjukvaruprocessorn. Delsystemen ska integreras i kundens satellit som planeras att skjutas upp under 2019/2020. Värdet av ordern som förväntas levereras under fjärde kvartalet 2018, är cirka 1,4 MSEK.
ÅAC wins yet another follow-on order from a Japanese customer for supply of the latest Sirius avionics subsystem, this time based on the LEON3FT soft core processor. The subsystems will be integrated in the customer's satellite that is expected to be launched in 2019-2020. The order, which is expected to be delivered in Q4 2018, is valued at approximately 1.4 MSEK.
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