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Spookfish Partners With EagleView in North America

Spookfish Limited is pleased to announce that the Company has entered into binding formal license, royalty and equity investment agreements with EagleView Technologies, Inc. Under the terms of the agreements, EagleView will have the exclusive rights to operate the Spookfish Capture Platform in North America. EagleView is owned by Vista Equity Partners, a leading private equity firm focused on investments in software, data and technology-enabled businesses.

EagleView is a market leader in aerial imagery, utilising a vast image library and patented 3-D measurement software to deliver solutions to over 40,000 customers in the insurance, construction, solar, government and public utility sectors. Spookfish technology will support EagleView as it seeks to capture higher resolution imagery on a more frequent basis over a greater area.

The partnership with EagleView will enable Spookfish to enter the North American market more quickly with less risk, leveraging its local flight operations capabilities and gaining immediate access to EagleView’s distribution channels and customer relationships in major markets such as government, insurance, construction, solar technologies and public utilities.

EagleView will have an exclusive, long-term licence to operate Spookfish Capture Platform technologies and the rights to market, promote, sell and distribute output products in North America. In exchange, EagleView will pay Spookfish a royalty fee per square mile as well as a share of revenues earned from the operation of the Spookfish capture system.

Under the agreement, the first Spookfish system is scheduled to be operating in North America prior to the end of 2016, with EagleView funding the development, delivery, installation and certification of all systems supplied by Spookfish for operation in the North American market.

The agreement also includes provisions to expand the rollout of the Spookfish Capture Platform into other geographies on a large scale to take advantage of significant global market opportunities for Spookfish’s high-resolution, low-cost, high-productivity capture system.

The agreement will enable Spookfish to focus its efforts on maintaining its technology leadership and accelerate the development of its product roadmap and Spookfish and EagleView have begun collaborating to develop new technologies to meet immediate demand in the North American market.

Spookfish will continue with its own commercialisation strategies in Australia and New Zealand with the option to license EagleView’s operating capabilities and analytics reports for use in these markets.

To support and accelerate the Spookfish R&D programme and facilitate the near term rollout of Spookfish capture systems in North America, EagleView will be making an upfront investment of A$6m in Spookfish via unsecured, interest free convertible notes, and EagleView will receive options to acquire an interest of up to 9.9% of Spookfish upon the satisfaction of royalty revenue milestones in North America. If all of the convertible notes are converted, and all of the options are exercised, EagleView would have an interest of 19.9% of Spookfish.

Commenting on the signing of the agreements with EagleView, Executive Chairman, Jason Marinko said, “From the outset, Spookfish has received overwhelming interest in its technology from global GIS industry suppliers and customers due to the significant performance and cost advantages of the Spookfish technology.”

“However, whilst we have acknowledged the enormous global opportunities for our technology, we have always appreciated the cost, time, resources and operational risks of entering the major established markets for our services.”

“As such, we are very excited to be partnering with the North American market leader, EagleView, who has similar aspirations to accelerate the growth of premium GIS services amongst its existing customer base as well as new and emerging markets.”

“During the process of this negotiation, the extensive due diligence undertaken by EagleView into the Company’s technology and IP strategy has provided a strong validation of Spookfish’s business strategy and capabilities. Now having a powerful partner in EagleView will enable us to realise our potential on a global stage.”

Commenting on signing the agreements with Spookfish, EagleView Executive Vice-President, Rishi Daga, commented, “We are very pleased to be partnering with Spookfish and look forward to providing the necessary resources to fast track the continued development and rollout of the Spookfish Capture Platform across North America.”

“The impressive Spookfish technology performance capabilities provide significant prospects to grow the market for our products and our teams are already working together on developing specific technologies to take advantage of immediate market opportunities.”

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