AAC Clyde Space Ab Acquires Swedish Space Company Omnisys Instruments

2021-03-31

AAC Clyde Space AB has entered into a conditional agreement for the acquisition of the privately owned Swedish company Omnisys Instruments AB ("Omnisys"), a leading developer and manufacturer of measuring instruments for advanced space projects (the "Acquisition"). The purchase price amounts to approximately SEK 75 million, where SEK 25 million is paid in cash and approximately SEK 50 million is paid through 17,340,100 newly issued consideration warrants in AAC Clyde Space. The completion of the Acquisition of Omnisys is, inter alia, conditional on the issue of the consideration warrants being approved at an extraordinary general meeting. 

The Acquisition of Omnisys

Gothenburg based Omnisys, develops and manufactures measuring instruments for advanced space projects. Omnisys has 20 years of experience developing profitable high-performance electronics hardware, including world-class sensors. Omnisys has a proven track record developing sensors for weather data in order to create reliable weather forecasting and data for climate research. Several interesting areas within AAC Clyde Space's growth plans including Space Data as a Service offerings.

Among Omnisys' customers are ESA, Airbus Defense & Space, the Swedish Space Agency, as well as a wide range of commercial companies in Europe and the USA. Omnisys is renowned for complex problem solving and innovation. Omnisys has recently developed a new type of microwave-based sensor that provides weather data with superior quality, which has gained strong interest from both public and private customers. In 2020, Omnisys generated revenue of SEK 34.9 million and EBITDA of SEK 1.9 million. Omnisys currently has an order book valued at SEK 133 million, and AAC Clyde Space had, per 31 December 2020, an order book valued at SEK 156 million.

Earlier in March, Omnisys was awarded a EUR 12.2 million (SEK 124 million) contract to supply Microwave sounding sensors to the ESA project Artic Weather Satellite (AWS). AAC Clyde Space is the intended provider of avionics systems to the same contract. This is the pilot project, laying the path to a potential next phase, a constellation of 16 satellites.

"We have tracked Omnisys for several years and have grown increasingly impressed with the quality of the instruments they provide for advanced space projects, among other sensors that will allow us to build constellations that can provide high quality data with great sampling frequency to a data hungry market. An excellent example is Omnisys microwave sounders where we will gain a leading position in space based weather data, a field set to grow strongly as new technology enables dramatically improved forecasts" says Luis Gomes, CEO of AAC Clyde Space.

"We are delighted to be joining the AAC Clyde Space group at this exciting stage of our development. The combination of our advanced sensor technology with AAC Clyde Space's leading capabilities in small satellite design, manufacture and deployment offers exciting opportunities to a fast growing and truly global market. Our track record in providing sophisticated sensors will allow the group to gradually open up new market segments in need of data from space" says Martin Kores, Managing Director of Omnisys.