SatixFy Communications Ltd. (“SatixFy”) and Endurance Acquisition Corp. (“Endurance”) (NASDAQ: EDNC), a publicly traded special purpose acquisition company (SPAC) formed by an affiliate of Antarctica Capital, an international private equity firm with $2 billion of assets under management, have announced a definitive merger agreement that will result in SatixFy becoming a publicly listed company.
SatixFy is a vertically integrated, fabless, semiconductor chip company providing products based on its own chipsets across the entire SATCOM value chain. The company designs its own chips, codes its own software and builds its own modem and digital beamforming antenna products that they then sell to leading satellite industry players such as Telesat, OneWeb, ST iDirect and Airbus. SatixFy products provide a step function increase in performance that enables these customers to offer new and more powerful satellite-based services based on better optimized performance of the entire network.
For example, SatixFy’s Sx3099 ASIC is the only commercially available modem that can natively support the newest version of the DVB-S2X waveform standard featuring beam hopping, which is a key feature to unlock value for the next generation of LEO)satellite constellations. SatixFy’s Prime digital beamformer chips enable the creation of smart flat panel antennas for use in ground terminals or in satellite payloads and can form and dynamically steer a larger number of radio frequency spot beams, each of wider bandwidth with higher gain and less losses, than any competing solution.
“Antarctica Capital formed Endurance to focus on space-based digital infrastructure companies,” said Endurance CEO, Richard Davis. “SatixFy represents an exceptional opportunity as a technology enabler for space-based communications both to the ground and in-flight.”
“We are selling the picks and shovels for the 21st Century’s gold rush in space,” said Satixfy CEO, Yoel Gat. “The proceeds from this transaction will put us in position to quickly grow in what we see as a $20 billion 2029 market opportunity across several segments, including both ground terminals and payloads for Low Earth Orbit (LEO) broadband satellites, as well as commercial and business aircraft. We have high visibility to at least $40 million in 2022 revenue from contracts with existing customers. With the addition of the new available funds from this transaction the company is targeting strong business expansion, which will result in strong revenue growth with profitability expected in 2023 and beyond. Longer term we are well positioned to capitalize on other potentially large incremental opportunities.”