📈 All hands on deck - Asymmetrix Newsletter #43
Digging into Kpler's acquisition of Spire's maritime business, in the busiest week of Data & Analytics M&A and investment activity in 2024 to date.
The world slowed to a standstill two weeks ago for the US election - there was minimal M&A and investment activity that week.
This past week was the reverse - quite possibly the busiest week we have seen to date: 1 filed IPO; 15 acquisitions; 8 late-stage/growth funding rounds, 2 early stage funding rounds, and a partridge in a pear tree (yes, Christmas music is already being played in stores…).
Once again, this newsletter is too long for Substack, so the committed Data & Analytics reader will need to click through to the web version to learn about all the deals, and access the final section of recommended reading.
In all of this activity, there was one deal that stood out: Kpler’s acquisition of Spire Global, Inc.’s maritime business for $241m. We’ve dug into that in our insight piece at the start of this newsletter to pull out the salient points for you.
Thanks for reading!
Not a subscriber yet?
Please do consider sharing this newsletter with friends or colleagues who you think may be interested. Thank you!
📧 If we missed your deal, or you would like to talk, please email us at a.boden@asymmetrix.info.
⚓ Anchors Away
Kpler and Spire are two very different businesses. In their own words:
Founded in 2014 by François Cazor and Jean Maynier, Kpler started as a cargo-tracking solution tailored to the LNG market. It has quickly become an industry leader providing real-time intelligence on physical commodities, energy transition and maritime. Today, the platform covers more than 40 distinct commodity markets, including gasses, liquids, and dry bulk, as well as owning the largest dataset in maritime.
Meanwhile,
Spire (NYSE: SPIR) is a global provider of space-based data, analytics and space services, offering unique datasets and powerful insights about Earth so that organizations can make decisions with confidence in a rapidly changing world. Spire builds, owns, and operates a fully deployed satellite constellation that observes the Earth in real time using radio frequency technology. The data acquired by Spire’s satellites provides global weather intelligence, ship and plane movements, and spoofing and jamming detection to better predict how their patterns impact economies, global security, business operations and the environment.
Kpler’s growth has been rocket-like (of which more later). Spire’s trajectory since its August 2021 de-SPAC has been more like an old LEO satellite re-entering the atmosphere.
In August, Spire Global agreed to pay a fee to avoid default on its credit facility with Blue Torch Capital. It’s also currently undertaking an accounting review which has delayed the submission of a 10-Q regulatory filing detailing finances for the three months to June 30, prompting a warning from the NYSE in August that Spire Global risked being removed from the stock exchange.
What happened?
Spire found themselves in a position where they had to sell assets in order to put themselves on an even keel.
This week, the two companies announced that Kpler had acquired Spire’s maritime business. We got some clear colour on the deal in the announcement:
The $241m transaction consists of a $233.5m purchase price and $7.5m for services over a twelve-month period, post close. The purchase price values the portfolio at approximately 5.8x the revenue generated by the business over the last twelve months. Spire will retain its satellite network, technology and infrastructure and will continue to serve its aviation, weather and space services customers, along with the existing U.S. government portion of its maritime customer portfolio.
Spire intends to use the proceeds of the sale to retire all outstanding debt and invest in near-term growth opportunities.
Why it matters
Spire acquired the basis of its maritime business when it purchased exactEarth in September 2021 for $161.2m. exactEarth had roughly $18m of ARR at that point - “which implies ~9.1x exactEarth’s Enterprise Value to LTM revenue”.
So while they have achieved some return on their investment, this has not been exactly stellar for Spire. But they are, at least, now debt free.
Kpler has made multiple acquisitions in recent years in its quest for growth. In their own words:
The acquisition of ClipperData (2021) and JBC Energy (2022) fortified its foothold in the commodities and data sectors. The integration of COR-e (2022) facilitated entry into the European power market.
In 2023, Kpler made significant strides by acquiring the two leading ship tracking and maritime analytics providers MarineTraffic and FleetMon.
All of this helped drive ARR through the $100m mark in January this year, and Asymmetrix assumes this growth has continued.
Adding the roughly $41m of revenue from the acquisition likely brings Kpler through $150m revenues and maybe even closer to $200m.
All of this is a step in the right direction for Kpler to achieve the ambition of François Cazor, Founder and Executive Chairman of Kpler:
We remain focused on reaching $1 billion of ARR in the coming years, which will involve us expanding into new products and verticals, as well as pursuing strategic mergers and acquisitions.
What happens next?
One big unknown is whether Kpler will sacrifice some of this revenue in the name of competition.
Spire provided their maritime data to a range of other Data & Analytics businesses. Will Kpler turn this off, selling instead only to businesses like traders and hedge funds? They have acted similarly after past acquisitions.
Asymmetrix imagines that other Data & Analytics providers reliant on Spire’s maritime data have been hurriedly identifying and contacting alternative data sources in order to protect themselves against such an event. Orbcomm sales reps must be busy.
Five Arrows and Insight Partners, who backed Kpler in 2022, must be delighted with the progress Kpler is making, and valuation expectations for the business are likely sky high.
All eyes are watching to see whether a larger Private Equity firm will soon step in to drive Kpler’s next phase of growth. The likes of KKR, Blackstone or Carlyle must be watching closely, waiting for their moment.
M&A and Fundraising, November 11-17
Deal chatter
🏘️ Adevinta likely to be be gradually broken up over next five years - On Economia.
Adevinta is a Barcelona, Catalunya, Spain-based online classifieds group, backed by Permira and Blackstone.
According to On Economia (as reported by OnlineMarketplaces), work has begun to separate the subsidiaries of Adevinta to prepare them for sale, in order to achieve a 100% ROIC over a five year period.
Adevinta was taken private in April 2024 for $12.8bn.
Asymmetrix Sector: Real Estate
🔍 Nordic Capital closes in on deal for Astorg's Anaqua - Reuters.
Anaqua is a Boston, MA, USA-based description, backed by Anaqua.
According to Reuters, private equity firm Astorg is nearing a sale of Anaqua to Nordic Capital, and the deal could be announced in the coming days.
The deal is rumoured to value Anaqua at roughly $2.5bn, on EBITDA of c.$80m.
Jefferies and Arma Partners are sellside co-advisors.
Asymmetrix Sector: Intellectual Property
IPOs
📢 Knorex files for a $12m IPO.
Knorex is a Singapore-based provider of programmatic advertising solutions, backed by VD Capital and Ritz Venture Capital.
According to Seeking Alpha, Knorex is looking to list on NYSE.
The company is seeking to raise $11.9m at a valuation of $141m.
Maxim Group LLC is the sole bookrunner on the deal.
Asymmetrix Sector: Advertising
Announced M&A
🎯 Inverness Graham acquired Alliant.
Inverness Graham, a Philadelphia, PA, USA-based buyout firm, announced the acquisition of Alliant, a Brewster, NY, USA-based provider of data solutions that improve marketing performance, backed by Landmark.
Financial terms were not disclosed.
BrightTower LLC served as exclusive financial advisor to Alliant.
Asymmetrix Sector: Marketing.
👷♀️ GlobalData Plc acquired LinkUp.
GlobalData Plc, an AIM-listed London, UK-based data, analytics, and insights platform, announced the acquisition of LinkUp, a privately-owned Minneapolis, MN, USA-based provider of global job market data.
Financial terms were not disclosed.
JP Morgan advised GlobalData.
Asymmetrix Sector: HCM.
📈 Inflexion has carved out Finanzen.net Group from Axel Springer.
Inflexion, a London, UK-based European mid-market private equity firm, announced the carve out of Finanzen.net Group, a Karlsruhe, Baden-Württemberg, Germany-based digital broker and financial information portal in the DACH region, from Axel Springer, a media and technology company, backed by KKR and CPP Investments.
Financial terms were undisclosed.
Finanzen.net Group and Axel Springer were advised by Houlihan Lokey.
Asymmetrix Sector: Financial.
🛡️ ECI Partners has carved out Insurance Insider from Delinian.
ECI Partners, a UK-based mid-market private equity firm, announced the carve out of Insurance Insider, a London, UK-based provider of insights and analysis for insurers, distributors, service providers and investors, from Delinian, a London, UK-based portfolio of business-to-business information services brands, backed by Epiris.
Financial terms were undisclosed.
ECI Partners was advised by George Watson at Raymond James.
Asymmetrix Sector: Insurance.
⚓ Kpler acquired Spire Global, Inc.’s maritime business.
Spire, a NYSE-listed Vienna, VA, USA-based provider of space-based data, analytics and space services, announced the sale of their maritime business to Kpler, a Brussels, Belgium-based platform for global trade intelligence, backed by Five Arrows and Insight Partners.
The $241m transaction consists of a $233.5m purchase price and $7.5m for services over a twelve-month period, post close. The purchase price values the portfolio at approximately 5.8x the revenue generated by the business over the last twelve months.
Spire intends to use the proceeds of the sale to retire all outstanding debt and invest in near-term growth opportunities.
Spire was advised by Evercore.
Asymmetrix Sector: Energy & Commodities.
🏘️ Advan Research Corporation acquired Real Estate Intelligence (“REI”) from RetailStat.
Advan Research Corporation, a private New York, NY, USA-based provider of real estate location data, announced the acquisition of Real Estate Intelligence (“REI”) from RetailStat, a New York, NY, USA-based retail data and intelligence provider, backed by Endicott Capital. [Updated to remove incorrect mention of Communitas Capital.]
Financial terms were not disclosed.
Asymmetrix Sector: Real Estate.
🔒 Bitsight acquired Cybersixgill.
Bitsight, a Boston, MA, USA-based cyber risk management software provider, backed by Moody’s, Warburg Pincus, Menlo Ventures, Singtel Innov8 and Notable Capital, announced the acquisition of Cybersixgill, a Tel Aviv, Israel-based cyber threat intelligence data provider, backed by More Provident, Pension Funds, REV Venture Partners, CrowdStrike’s Falcon Fund, Elron Ventures, SonaeIM, and OurCrowd.
Financial terms were undisclosed, but the valuation is rumoured to be approximately $115m.
Cybersixgill was advised by Piper Sandler.
Asymmetrix Sector: Cyber Security.
🎯 Terminus has merged into DemandScience.
DemandScience, a Danvers, MA, USA-based B2B demand generation company, backed by MCRC, announced the merger with Terminus, an Atlanta, GA, USA-based account-centric platform for revenue growth, backed by BLH Venture Partners.
Financial terms were undisclosed.
DemandScience was advised by J.P. Morgan Securities LLC. Terminus was advised by Raymond James.
Asymmetrix Sector: Marketing.
Kaiko, a Paris, France-based source of cryptocurrency market data, analytics, indices, and research, backed by Anthemis, Underscore VC, Point Nine, Alven and Hashkey Capital, announced the acquisition of Vinter, a Stockholm, Sweden-based crypto index provider, backed by Octopus Ventures, the Ricketts family office, D4 Ventures and Pfeffer Capital.
Financial terms were not disclosed.
Asymmetrix Sector: Crypto.
🛍️ Reward acquired Hospitality Data Insights (HDI).
Reward, a London, UK-based provider of loyalty scheme software and data, backed by Experian, announced the acquisition of Hospitality Data Insights (HDI), a private Darlington, County Durham, UK-based provider of data about the hospitality and convenience sectors.
Financial terms were not disclosed.
Asymmetrix Sector: Consumer.
🏀 OB Global Holdings LLC acquired OpenBet and IMG ARENA from Endeavor.
OB Global Holdings LLC, an MBO vehicle, backed by Ariel Emanuel with participation from executives of OpenBet, including CEO Jordan Levin, announced the acquisition of OpenBet (sports betting entertainment) and IMG Arena (sports live streaming and data feeds), from Endeavor, a NYSE-listed global sports and entertainment company.
The purchase price is $450m, subject to certain adjustments, financed through a mix of cash and debt.
During the sign-to-close period and after closing, Endeavor will continue to market IMG ARENA for sale to a third-party purchaser.
The transaction is being pursued, and is a necessary step, for the closing of the proposed Endeavor take-private by Silver Lake.
Endeavor was advised by Oakvale Capital LLP and The Raine Group.
Asymmetrix Sector: Gaming, Sports.
🤝 With Intelligence acquired SPS from Bain & Company.
With Intelligence, a London, UK-based provider of investment intelligence for alternative assets, private markets and public funds, backed by Motive Partners, announced the acquisition of SPS, a New York, NY, USA-based provider of data and analytics for Private Equity and Mergers & Acquisitions professionals, from Bain & Company, a global consultancy.
Financial terms were undisclosed.
Asymmetrix Sector: Financial.
🏦 SIX Group AG acquired Aquis Exchange Plc.
SIX Group, an unlisted public limited Zurich, Switzerland-based operator of a fully integrated exchange value chain, announced the acquisition of Aquis Stock Exchange, an LSE-listed London, UK-based stock market providing primary and secondary markets for equity and debt products.
The purchase price is £194m.
Acquis Exchange was advised by Emma Gabriel of Cannacord Genuity, Ollie Clayton and Edward Banks of Evercore, David Anderson of Investec, and Andrew Raca of VSA Capital. SIX Group was advised by Sam Small of UBS.
Asymmetrix Sector: Financial.
🛍️ Growth Protocol acquired NWO.ai.
Growth Protocol, a private Manhattan Beach, CA, USA-based provider of growth opportunity intelligence data, announced the acquisition of NWO.ai, a New York, NY, USA-based provider of AI-driven consumer intelligence.
Financial terms were not disclosed.
Asymmetrix Sector: Consumer.
🚀 Dune acquired smlXL.
Dune, an Oslo, Norway-based provider of web3 data & analytics, backed by Multicoin Capital, Coatue and Dragonfly, announced the acquisition of smlXL, a New York, NY, USA-based provider of blockchain data simulation and analysis, backed by Andreessen Horowitz and Greylock.
Financial terms were not disclosed.
Asymmetrix Sector: Web3.
Later-Stage / Growth funding
✈️ OpenAirlines
Toulouse, Haute-Garonne, France-based provider of eco-flying software solutions, previously backed by Alter Equity.
Raised EUR45m in funding from Eiffel Investment Group and Mirova.
OpenAirlines has EUR10m ARR.
Asymmetrix Sector: Aviation.
⚖️ Robin AI
London, UK-based provider of legal AI for business.
Raised $25m in funding from investors including Paypal Ventures, Willets (Michael Bloomberg’s family office) and Cambridge University.
Asymmetrix Sector: Legal.
👩💼 Arbolus
London, UK-based expert insights platform.
Raised $20m in funding from Kayne Anderson Partners.
Asymmetrix Sector: Expert Networks.
🌐 Notabene
New York, NY, USA-based crypto transaction risk management platform.
Raised $14.5m in funding led by DRW VC, with participation from funds managed by Apollo, Nextblock, and Wintermute, along with existing investors CMT Digital, F-Prime, Green Visor Capital, Illuminate Financial, Jump Capital, ParaFi Capital, Signature Ventures, and Y Combinator.
Asymmetrix Sector: Crypto.
🤖 11x
San Francisco, CA, USA-based autonomous digital worker provider, specialising in automating roles across GTM teams, including Sales, Marketing, and Revenue Operations.
Raised $50m in Series B funding led by Andreessen Horowitz.
Asymmetrix Sector: Sales.
📈 big xyt
Frankfurt, Hesse, Germany-based global ecosystem for tick data analytics.
Raised EUR10m in funding from Finch Capital.
Asymmetrix Sector: Financial.
Cambridge, MA, USA-based provider of AI-powered brand protection and authentication solutions.
Raised $8.9m in Series A funding from Tanglin Venture Partners and existing investors, including Fenice Investment Group and additional SAFE investors.
Asymmetrix Sector: Intellectual Property.
Berkeley, CA, USA-based provider of AI-powered ingredient discovery.
Raised $16m in funding led by longtime investor S2G Ventures, with participation from CPT Capital, Lux Capital, Nourish Ventures, and Meach Cove Capital.
Asymmetrix Sector: Food.
Early-Stage
🌐 Eidon AI
USA-based AI data availability and data restaking protocol.
Raised $3.5m in funding from Framework Ventures and cyber.Fund.
Asymmetrix Sector: Web3.
⚡ Etpa
Amsterdam, Netherlands-based platform providing access to the spot-trading markets in The Netherlands and Germany.
Raised EUR5.5m in funding led by 4impact capital, with participation from existing investors SET Ventures, ABN AMRO SIF, and other existing shareholders.
Asymmetrix Sector: Energy & Commodities.
Interesting Content
WSJ - It’s a Legacy Agriculture Company—And Your Newest AI Vendor - Data-rich enterprises like Bayer are working with Microsoft to develop industry-specific gen AI models—and then licensing them to others.
TechCrunch - FBI raids home of Polymarket CEO Shayne Coplan.
Business Insider - Carlyle-backed data giant Yipit's lawsuit against two former employees is the talk of the alternative-data industry.
Asterisk - The Death and Life of Prediction Markets at Google.
📧 If we have missed your deal, or you would like to talk, please email us at a.boden@asymmetrix.info.