ADVERTISEMENT
ADVERTISEMENT

Google is selling its $500 million satellite company to a startup (GOOG, GOOGL)

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

A satellite image taken by Terra Bella.

According to the agreement, Planet Labs will acquire the Terra Bella business and satellites and Google will continue to license the satellite imagery for its mapping products.

The companies did not disclose the financial terms of the deal.

However, a source familiar with the terms of the deal told Business Insider that Planet Labs paid less than the $500 million Google originally paid, but the deal was still above $300 million. The source also said Google will be a major shareholder in Planet Labs and continue to be invested in Terra Bella's success long-term.

The move marks the latest effort by Google's parent company Alphabet to manage spending throughout the organization.

ADVERTISEMENT

In the past year Alphabet has canceled its plans to deliver the internet from solar-powered drones, ended the expansion of its Google Fiber internet service, and slowed down development of its drone-delivery service. The company has also lost several key executives.

Alphabet's Other Bets lost $1.088 billion last quarter on $262 million in revenue, the company reported in its earnings last month.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Here's everything to know about being a virgin on your wedding night

Here's everything to know about being a virgin on your wedding night

7 do's and don’ts of the Holy month of Ramadan

7 do's and don’ts of the Holy month of Ramadan

Top 5 sweetest celebrity mother-child relationships that stand out for us

Top 5 sweetest celebrity mother-child relationships that stand out for us

International Women's Day: 5 Nigerian female celebrities championing women’s rights

International Women's Day: 5 Nigerian female celebrities championing women’s rights

Top 5 female directors in Nollywood

Top 5 female directors in Nollywood

6 things that will break a Muslim's fast during Ramadan

6 things that will break a Muslim's fast during Ramadan

5 benefits of fasting during Ramadan

5 benefits of fasting during Ramadan

5 reasons Easter was more fun when we were children

5 reasons Easter was more fun when we were children

Dos and don’ts of supporting Muslims during Ramadan

Dos and don’ts of supporting Muslims during Ramadan

ADVERTISEMENT
ADVERTISEMENT