Business
Sidus Space Acquires Edge Artificial Intelligence (AI) Company, Exo-Space
Accretive acquisition provides Intellectual Property, Technology, Revenue and Contracts while expanding the Company’s Offerings CAPE CANAVERAL,
About this update from Sidus Space, Inc.
[{"type":"text","content":"\nAccretive acquisition provides Intellectual Property, Technology, Revenue and Contracts while expanding the Company’s Offerings\n\n\n CAPE CANAVERAL, Fla.--(BUSINESS WIRE)--\nSidus Space (NASDAQ: SIDU) (the “Company” or “Sidus”), a satellite manufacturing and space services company, announces its strategic acquisition of Exo-Space, a cutting-edge California-based firm specializing in Edge Artificial Intelligence (AI) software and hardware for space applications. This transaction signals Sidus's determination to tap into the growing AI sector and expand its offerings in the Earth and Space Observations services market.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230822288694/en/Sidus acquires Exo-Space (Photo: Business Wire)\nPursuant to the terms of the acquisition agreement Sidus has acquired Exo-Space's assets in a combination of cash, stock options, and performance bonus incentives in alignment with Sidus’ growth into an AI-enabled space services company. Exo-Space brings a current revenue stream of commercial and government contracts extending through 2025, as well as a pipeline of potential clients. The deal is projected to have a positive impact on Sidus's earnings before interest, taxes, depreciation, and amortization (EBITDA).\n\n\n“This accretive acquisition expands our talent, technology, and total addressable market. Along with sales contracts and existing AI technology, the transaction includes the acquisition of Exo-Space’s collective experience in AI and machine learning.” said Carol Craig, Founder and CEO of Sidus Space. “This transaction provides the opportunity for us to enhance our presence in the Earth and Space Observations markets by providing actionable solutions for our customers' needs as opposed to just raw data. The integration of Exo-Space EdgeAI technology with Sidus’ sensors provides significant value and transformative potential across various domains.”\n\n\nExo-Space occupies a unique niche in the realm of U.S. owned Edge AI computing, concentrating on both software and hardware solutions for space assets that utilize faster processing speeds. Exo-Space’s current operations complement Sidus’ established U.S. DoD/Intelligence relationships.\n\n\nJared Novick, Senior Vice President of Strategy & Special Projects, added, “Exo-Space’...