Company:Maxar Technologies

From HandWiki
Revision as of 17:38, 9 February 2024 by DanMescoff (talk | contribs) (link)
(diff) ← Older revision | Latest revision (diff) | Newer revision → (diff)
Short description: American space technology company
Maxar Technologies Inc.
TypePrivate
IndustryInformation technology services, Engineering services, Communications satellite
Founded5 October 2017; 7 years ago (2017-10-05)
HeadquartersWestminster, Colorado, United States
Key people
  • Daniel Jablonsky (President and CEO)
  • Walter Scott (CTO)
  • Biggs Porter (CFO)
  • Liz Andora (CHRO)
RevenueDecrease US$1.61 billion (2022)
Decrease US$11 million (2022)
Decrease US$−150 million (2022)
Total assetsIncrease US$4.61 billion (2022)
Total equityDecrease US$1.39 billion (2022)
OwnerAdvent International
Number of employees
4,600 (December 2022)
Subsidiaries
Websitemaxar.com
Footnotes / references
[1][2]

Maxar Technologies Inc. is a space technology company headquartered in Westminster, Colorado, United States, specializing in manufacturing communication, Earth observation, radar, and on-orbit servicing satellites, satellite products, and related services. DigitalGlobe and MDA Holdings Company merged to become Maxar Technologies on October 5, 2017.[3]

Maxar Technologies is the parent holding company of Space Systems Loral, headquartered in Palo Alto, California, US; DigitalGlobe, headquartered in Westminster, Colorado, US; and Radiant Solutions, headquartered in Herndon, Virginia, US. From 2017 to 2023, it was dual-listed on the Toronto Stock Exchange and New York Stock Exchange as MAXR.

In May 2023, Maxar was acquired by private equity firm Advent International, in an all-cash transaction worth $6.4 billion.[4][5]

History

Maxar Technologies was created in 2017 from the purchase of DigitalGlobe by MacDonald, Dettwiler and Associates (MDA), who renamed the company Maxar.[6] The headquarters of the combined entity was then established in Westminster, Colorado. The company was dual-listed on the TSX and NYSE.[7][8]

In Q3 2018 Maxar's revenue and adjusted profit missed estimates due to a decline in its satellite manufacturing segment oriented towards geosynchronous Earth orbit communications, which led to a plunge in the stock price.[9] The situation was compounded in January 2019 with the loss of their relatively new WorldView-4 satellite, and the market capitalization fell from $3 to $0.3 billion in half a year,[10] and with an insurance payment only covering a fifth of WV-4 total launch cost the company had to restructure its debts in April 2019.[11]

In May 2019, the company was selected as the provider of the power and propulsion element for the Lunar Gateway developed by NASA.[12]

On December 30, 2019, the company announced that it had entered into a definitive agreement to sell MDA's assets to a consortium of financial sponsors led by Northern Private Capital for CA$1 billion (US$765 million). The sale includes all of MDA's Canadian businesses, encompassing ground stations, radar satellite products, robotics, defense, and satellite components, representing approximately 1,900 employees.[13]

On April 8, 2020, the sale of MDA to NPC officially closed. The divesting of its Canadian MDA portion returned MDA to a separate operating company.[14] The newly formed privately held Canadian company was named MDA Ltd.,[15] which later listed on the Toronto Stock Exchange.

In 2022, Maxar published several satellite images that showed a Russian military convoy during its invasion of Ukraine.[16][17][18]

In September 2023, Maxar was broken into two business units, Maxar Space Infrastructure (based in California, led by CEO Chris Johnson) and Maxar Intelligence (based in Colorado, led by interim CEO Dan Jablonsky).[19]

Timeline

  • 1969: John MacDonald and Vern Dettwiler founded MacDonald, Dettwiler and Associates.
  • 1993: MDA sells its Electro-Optical Division (EOP) based in Richmond Canada to a Swiss Private Equity firm which merges with Cymbolic Sciences based in California.
  • 1995: MDA was acquired by Orbital Sciences for $67 million in stock[20]
  • 1996: acquired Iotek, a supplier of signal processing and sonar technology for military customers, for undisclosed sum[21]
  • 2000: entered joint venture with LandAmerica Financial Group to create LandMDA, a provider of property reports to lenders[22]
  • 2000/01: Orbital Sciences divested its MDA shares through an initial public offering; trades as TSX: MDA[citation needed]
  • 2002: acquired Automated Mining Systems of Aurora, Ontario for $225,000[23]
  • 2002: acquired Dynacs for $3.1 million, with an additional $6.8 million contingent on performance[24] (now "MDA US Systems, LLC", located in Houston, Texas)
  • 2003: acquired Millar & Bryce, a commercial provider of land information in Scotland, for $21.32 million, with $1.76 million contingent on performance.[25]
  • 2004: acquired Marshall & Swift / Boeckh for $337.8 million, with $104.9 million contingent on performance.[24]
  • 2005: acquired business of EMS Technologies Canada (previously RCA Canada, which then became the Montreal division of SPAR Aerospace), a major supplier and subcontractor, for $8.9 million[24]
  • 2006: expanded into financial services with acquisition of Mindbox, a supplier of advanced decision systems for mortgage lending, for US$12.6 million, with up to $10.75 million contingent on performance[24]
  • 2006: acquired xit2 Ltd. (Nr Charlbury, Oxfordshire, UK), information exchange solutions[buzzword] for lenders and home surveyors and other outsourced service providers[26]
  • 2006: acquired Lyttle & Co. (Belfast, Northern Ireland), property and related search information[27]
  • 2007: acquired Alliance Spacesystems, Inc.[28] (now "Maxar Space Robotics LLC", located in Pasadena, CA, US)
  • 2008: MDA announced the sale of its Information Systems and Geospatial Services operations to Alliant Techsystems of Edina, Minnesota for $1.325 billion.[29] However, amongst much media coverage, the sale was rejected by the federal government of Canada under the Investment Canada Act.[30]
  • 2008: Canadian government officially blocked the sale of MDA to ATK on May 8, 2008[31]
  • 2012: acquired Space Systems/Loral for US$875 million, making MDA one of the world's leading communication satellite companies.[32]
  • 2014: acquired the Advanced Systems business line (formerly ERIM International) of General Dynamics Advanced Information Systems division.[33]
  • 2017: Completed its acquisition of DigitalGlobe, MDA now will be named Maxar Technologies, dual-listed on NYSE and TSX.[3] MDA will then be a subsidiary of US-based Maxar by 2019.[34]
  • 2018: Announced acquisition of Neptec for $32 million.[35]
  • 2019: Completed U.S. domestication,[clarification needed] whereby the parent company is now incorporated in the U.S. state of Delaware[36]
  • 2020: MDA is sold to a consortium of Canadian investors led by Northern Private Capital. This sale includes the Houston-based MDA US Systems, LLC.[14]
  • 2020: Completed its acquisition of Vricon, Inc for $140 million. Vricon is a global leader in satellite-derived 3D data for defense and intelligence markets [37]
  • 2022: Maxar to be taken private through an acquisition led by Advent International, in a cash deal worth $6.4 billion.[5][38] The acquisition completed in May 2023.[4]

See also

References

  1. ↑ "Maxar Technologies Inc. 2022 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. 22 February 2023. https://www.sec.gov/ix?doc=/Archives/edgar/data/1121142/000155837023001756/maxr-20221231x10k.htm. 
  2. ↑ "DigitalGlobe head Daniel Jablonsky new CEO of Maxar as Howard Lance resigns". Geospatial Media & Communications. January 14, 2019. https://www.geospatialworld.net/news/digitalglobe-head-dan-jablonsky-new-ceo-of-maxar-as-howard-lance-resigns/. 
  3. ↑ 3.0 3.1 "MDA-DG combined entity to be rebranded as Maxar Technologies" (in en-US). Geospatial World. https://www.geospatialworld.net/news/mda-dg-combined-entity-to-be-rebranded-as-maxar-technologies/. 
  4. ↑ 4.0 4.1 Alamalhodaei, Aria (May 3, 2023). "Maxar completes $6.4B sale to private equity". https://techcrunch.com/2023/05/03/maxar-completes-6-4b-sale-to-private-equity/. 
  5. ↑ 5.0 5.1 Sheetz, Michael (December 16, 2022). "Space company Maxar agrees to go private in $6.4 billion deal". https://www.cnbc.com/2022/12/16/maxar-selling-to-private-equity-investors-advent-bci.html. 
  6. ↑ Maxar Technologies (5 October 2017). "MDA Completes Acquisition of DigitalGlobe, Creates Industry Leader in Satellite Systems, Earth Imagery, Geospatial Solutions and Analytics" (Press release). Retrieved 20 November 2020.
  7. ↑ Greg Avery (14 February 2018). "Maxar Technologies, parent of DigitalGlobe, moves HQ to Colorado". Denver Business Journal. https://www.bizjournals.com/denver/news/2018/02/14/maxar-technologies-parent-of-digitalglobe-moves.html. 
  8. ↑ Maxar (5 October 2017). "MDA Completes Acquisition of DigitalGlobe, Creates Industry Leader in Satellite Systems, Earth Imagery, Geospatial Solutions and Analytics". MAxar Technologies. https://investor.maxar.com/investor-news/press-release-details/2017/MDA-Completes-Acquisition-of-DigitalGlobe-Creates-Industry-Leader-in-Satellite-Systems-Earth-Imagery-Geospatial-Solutions-and-Analytics/default.aspx. 
  9. ↑ "BUZZ-Maxar Technologies: Hits record low on Q3 results miss, forecast cut". Reuters. October 31, 2018. https://www.reuters.com/article/buzz-maxar-technologies-hits-record-low-idCAL3N1XB65O. 
  10. ↑ "Maxar Technologies Market Cap 2016-2022 | MAXR". https://www.macrotrends.net/stocks/charts/MAXR/maxar-technologies/market-cap. 
  11. ↑ "Why Maxar Technologies Stock Plummeted 45% in March". April 4, 2019. https://www.fool.com/investing/2019/04/04/why-maxar-technologies-stock-plummeted-45-in-march.aspx. 
  12. ↑ Grush, Loren (2019-05-23). "NASA picks satellite maker Maxar to build the first crucial piece of its new lunar space station". https://www.theverge.com/2019/5/23/18637153/nasa-lunar-gateway-artemis-moon-program-space-station. 
  13. ↑ Maxar to Sell MDA for $765 Million - Parabolicarc.com http://parabolicarc.com/2019/12/30/maxar-to-sell-mda-for-765-million/#more-71809
  14. ↑ 14.0 14.1 "Iconic Space Technology Firm Returns to Canadian Control as Sale of MDA to Northern Private Capital Closes" (Press release).
  15. ↑ "MDA" (in en). MDA. https://mda.space/. 
  16. ↑ Beech, Eric (28 February 2022). "Russian military convoy north of Kyiv stretches for 40 miles -Maxar" (in en). Reuters. https://www.reuters.com/world/europe/russian-military-convoy-north-kyiv-stretches-40-miles-maxar-2022-03-01/. 
  17. ↑ "More than 70 Ukrainian soldiers killed in Russian attack on base near Kharkiv" (in en). 2022-03-01. https://www.theguardian.com/world/2022/mar/01/fears-of-bloody-fight-for-kyiv-as-huge-russian-army-convoy-gathers-on-outskirts. 
  18. ↑ "The satellite giant bringing global crisis into focus" (in en). 2022-03-01. https://www.theregister.com/2022/03/01/maxar_satellite_imagery/. 
  19. ↑ Avery, Greg (21 September 2023). "Colorado aerospace giant being split in two, its CEO replaced and some employees laid off". https://www.bizjournals.com/denver/news/2023/09/21/maxar-technolgies-split-layoffs-colorado-aerospace.html. 
  20. ↑ "Orbital Sciences Deal". New York Times. 1995-09-06. https://query.nytimes.com/gst/fullpage.html?res=990CE3D81030F935A3575AC0A963958260. 
  21. ↑ "MDA to Acquire Iotek Inc. of Halifax". http://www.mdacorporation.com/news/pr/pr1996020701.html. 
  22. ↑ "In Real Estate, Geographic Information and the Internet Changes Everything". http://www.eomonline.com/Common/Archives/2000oct/00oct_paul.html. 
  23. ↑ "MDA Acquires Small Robotic Mining Company". http://www.mdacorporation.com/news/pr/pr2002041101.html. 
  24. ↑ 24.0 24.1 24.2 24.3 "Annual Report 2005". http://www.mdacorporation.com/investor/mda_2005_annualreport.pdf. 
  25. ↑ "MDA Acquires Leading Land Information Company in Scotland". http://www.mdacorporation.com/news/pr/pr2003021001.html. 
  26. ↑ "MDA Acquires Leading Provider Of Electronic Exchange Solutions To Lenders And Surveyors In UK". http://www.mdacorporation.com/news/pr/pr2006052201.shtml. 
  27. ↑ "MDA Acquires Legal Search Firm In Northern Ireland". http://www.mdacorporation.com/news/pr/pr2006052501.shtml. 
  28. ↑ "MDA Acquires U.S.-Based Alliance Spacesystems". December 5, 2007. http://www.spaceref.com/news/viewpr.html?pid=24184. 
  29. ↑ "MDA Selling Canadarm Business to U.S. Firm". CBC News. 2008-01-08. http://www.cbc.ca/technology/story/2008/01/08/mdasale.html. 
  30. ↑ "Ottawa reaffirms decision to block MDA deal". The Globe and Mail. 2008-05-09. https://www.theglobeandmail.com/report-on-business/ottawa-reaffirms-decision-to-block-mda-deal/article18450585/. 
  31. ↑ "Minister of Industry Confirms Initial Decision on Proposed Sale of Macdonald, Dettwiler and Associates Ltd. to Alliant Techsystems Inc.". Industry Canada. 2008-05-08. http://www.ic.gc.ca/eic/site/ic1.nsf/eng/04219.html. 
  32. ↑ MacDonald, Dettwiler and Associates CEO Announces Transformational US Acquisition Conference (Transcript). Retrieved on 06-27-12.
  33. ↑ "October 3, 2014 – MDA completes strategic capability acquisition in the United States". https://www.prnewswire.com/news-releases/mda-completes-strategic-capability-acquisition-in-the-united-states-278063631.html. 
  34. ↑ Pugliese, David (9 November 2017). "Canadarm creator to transform into U.S. company, raising concerns of tech heading south of the border". National Post. https://nationalpost.com/news/politics/canadarm-creator-to-transform-into-us-company-raising-concerns-of-tech-heading-south-of-the-border. 
  35. ↑ Henry, Caleb (16 July 2018). "Maxar acquires robotics firm Neptec for $32 million". SpaceNews. https://spacenews.com/maxar-acquires-robotics-firm-neptec-for-32-million/. 
  36. ↑ "Maxar Technologies Completes U.S. Domestication." Maxar Technologies.
  37. ↑ "Maxar Technologies Completes Acquisition of Vricon, Inc. | Maxar". www.maxar.com (Press release). Retrieved 2020-07-01.
  38. ↑ "Maxar is being acquired by Advent International, a global firm with $89 billion in assets under management". 2022-12-16. https://spacenews.com/maxar-technologies-acquired-by-private-equity-firm-in-6-4-billion-deal/. 

External links



Retrieved from "https://handwiki.org/wiki/index.php?title=Company:Maxar_Technologies&oldid=3475962"