PIF’s Neo Space Group Acquires UP42
Neo Space Group (NSG), a Public Investment Fund-owned company and Saudi Arabia’s leading commercial space services provider, on Tuesday said that it has entered into an agreement with Airbus Defence and Space (Airbus) to acquire its UP42 business, a next-generation earth observation digital platform.
The deal is subject to the satisfaction of customary closing conditions, including required regulatory clearances. UP42, launched by Airbus in 2019 in Berlin, Germany, is a pioneer in streamlining access to and deriving insights from geospatial data via a cloud-based platform.
UP42 is expected to be part of NSG’s growing Geospatial division, building on the acquisition of Taqnia ETS. UP42’s earth observation digital platform provides customers access to data and analytics from 80+ of the world’s leading geospatial companies, making it easy to source and manage diverse data from multiple providers through one seamless interface.
Customers of UP42 can leverage the UP42 platform to solve real-world geospatial challenges and deliver value to their end-customers across a range of market verticals, including agriculture, urban planning, real estate, infrastructure monitoring, disaster management, and more.
NSG was launched in May 2024, when Public Investment Fund (PIF) announced the establishment of NSG with the mission to become a global leader in the satellite and space sector.
By fostering national expertise and enhancing Saudi Arabia’s position in the global space economy, NSG aims to unlock the potential of emerging industries, diversify the Saudi economy, and support the realisation of Vision 2030.
Pivotal Acquisition
NSG CEO Martijn Blanken said that by integrating the UP42 platform into Saudi Arabia’s ecosystem, they were positioning the company to deliver cutting-edge geospatial insights for one of the world’s fastest growing economies.
He added: “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.”
The announcement further reinforces the strategic role NSG will play in providing Earth Observation (EO) services, after The Communications, Space, and Technology Commission (CST) of Saudi Arabia announced in July this year that NSG had won the permit to provide the EO Platform Service in Saudi Arabia.
UP42 CEO Sean Wiid said that joining NSG is an exciting step for UP42 and their 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, he added.
NSG’s Mandate
NSG, will invest in local and international assets and capabilities and promising venture capital opportunities to catalyse the advancement and localisation of sector-specific expertise.
The Group is set to work on four dedicated business segments: satellite communications, earth observation and remote sensing, satellite navigation and Internet of Things, as well as a satellite and space-focused venture capital fund.
