Allied Minds Completes Sale of HawkEye 360 Stake
Friday, November 8, 2019 9:00 AM
HERNDON, VA / ACCESSWIRE / November 8, 2019 / HawkEye 360 Inc., the first commercial company to use formation flying satellites to create a new class of radio frequency (RF) data analytics, today announced that Advance has become the company's largest shareholder after successfully purchasing Allied Minds' minority stake. Additionally, Advance has committed to investing $15 million of primary capital into HawkEye 360's previously announced Series B funding, subject to regulatory approval, and will replace Allied Minds on the company's board of directors.
"This shift from Allied Minds to Advance reaffirms our heritage as an American owned, operated, and headquartered corporation, which we know to be essential for leadership in the emerging RF sensing market," said John Serafini, Chief Executive Officer, HawkEye 360. "Allied Minds was a critical, early institutional investor for HawkEye 360 and we're proud to have delivered an excellent return to them."
HawkEye 360 was founded as one of Allied Minds' portfolio companies in 2015. On Nov. 6, 2019, Allied Minds' shareholders voted in favor of selling its shares in HawkEye 360 to Advance. The transaction, which closed today, represents the first significant exit for an institutional investor within the new space industry in the last five years.
About HawkEye 360
HawkEye 360 is a commercial Radio Frequency (RF) data analytics company. We operate a first-of-its-kind commercial satellite constellation to identify, process, and geolocate a broad set of RF signals. We extract value from this unique data through proprietary algorithms, fusing it with other sources to create powerful analytical products that solve hard challenges for our global customers. Our products include maritime domain awareness and spectrum mapping and monitoring; our customers include a wide range of commercial, government and international entities. More information about HawkEye 360 can be found at www.he360.com.
Advance is a private, family-owned business that owns, operates and invests in assets spanning media, communications, technology and other promising growth sectors. Our mission is to build the value of our companies over the long term by fostering growth and innovation. Advance's portfolio includes Condé Nast, Advance Local, Stage Entertainment, American City Business Journals, Leaders Group, Turnitin, 1010data and Pop. Together, these operating companies employ more than 15,000 people in 18 countries. Advance is also among the largest shareholders in Charter Communications, Discovery and Reddit. www.advance.com
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SOURCE: HawkEye 360