Top Stock: Google Inc (NASDAQ GOOG) To Buy Satellite Maker Skybox Imaging

Technology Stocks News 18

In a press release today, Google Inc (NASDAQ GOOG) announced that it has agreed to purchase Skybox Imaging for $500 million in cash. U.S. regulators still must approve the deal before it can close, which could be as early as just a couple months from now. Both the Federal Communications Commission and the National Oceanic and Atmospheric Administration will need to approve it.

Skybox operates satellites which the search giant intends to use to keep the images through Google Maps up to date. The company will inherit a fleet of satellites and the technology need to build more satellites along with the Skybox acquisition.

With Google Inc (NASDAQ GOOG)’s recent acquisition of Titan Aerospace, it appears as if Skybox is another piece of a much larger picture.

Google Inc (NASDAQ GOOG) News: Acquisition of Skybox

In a blog posted on its website, Skybox Imaging said it built and launched the smallest high-resolution imaging satellite in the world. The company also said it shares “more than just a zip code” with Google Inc (NASDAQ GOOG). Skybox states that they both believe it’s important to make information, “especially accurate geospatial information,” both useful and accessible to people.

“The time is right to join a company who can challenge us to think even bigger and bolder, and who can support us in accelerating our ambitious vision,” the company’s post reads. Skybox also mentions Google Inc (NASDAQ GOOG)’s self-driving cars in its post. It seems to suggest that perhaps its satellites and technology could be used to perfect the self-driving car Google is working on. After all, cars that drive themselves will need geospatial information that is extremely accurate in order to be able to operate safely and efficiently.

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Google Inc Financial News (NASDAQ GOOG)

Google Inc (NASDAQ GOOG) also said it hopes Skybox team and technology can help improve Internet access and disaster relief around the world. The search giant said it has “long been interested in” both of these areas. One possibility is that Skybox’s technology could make it possible for Google to build satellites designed to beam Internet access down to anyone anywhere in the world.

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