Home Tech Google is selling its $500 million satellite company to a startup

Google is selling its $500 million satellite company to a startup

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Terra Bella satellite imaging company which Google bought about two years ago for $500 million will be sold to mapping startup Planet Labs, the companies announced Friday.

Planet Labs will acquire Terra Bella business and satellites and Google will get the license the satellite imagery for its mapping products.

Financial terms of the deal are not disclosed yet by any of two companies.

However, a source reported to BI that Planet Labs paid less than $500 million Google originally paid, but still the deal was above the $300 million. The source also mentioned Google will be a major shareholder in Planet Labs and continue to invest in Terra Bella.
This move marks the latest effort by Google’s parent company Alphabet to manage to spend throughout the organization.

Last year, Alphabet canceled its plans to deliver the internet from solar-powered drones which ended up in the expansion of Google Fiber internet service. The company has also lost several key executives.