Satellite imagery vendor DigitalGlobe (NYSE: DGI) has acquired data sciences services company Timbr in a continued push to expand cloud-based offerings and create new analytics techniques to manage large volumes of information, DigitalGlobe CEO Jeffrey Tarr told investors Tuesday.
This deal comes nearly two weeks after Westminster, Colo.-based DigitalGlobe announced its $140 million agreement to purchase information services contractor The Radiant Group, which also has staffers focused in areas such as big data analytics, cloud computing and machine learning.
Timbr’s integration into DigitalGlobe can “make it easier for our growing ecosystem of developers to create, deploy and utilize algorithms that run on our image library and other data sources and yield new insights, ” Tarr said.
“(Timbr) will help us accelerate the growth of our big data geospatial platform, ” Tarr added.
Timbr operates out of two main hubs in Austin, Texas and Charlottesville, Virginia on algorithms and data it developed to help facilitate data exploitation through multiple sources and extract information through the application of cloud tools.
Founded in 2014 by CEO Sean Gorman, Timbr partnered with DigitalGlobe to build algorithms for the latter’s cloud-based GBDX platform designed to connect users with 15 years of Earth imagery.
Tarr said DigitalGlobe seeks to create a value chain for government and commercial customers as a provider of satellite imagery and geospatial analytics through its acquisition strategy.
DigitalGlobe also released third quarter financial results with earnings of $0.21 per share with a 4.9 percent year-over-year increase in revenue to $181.8 million on new commercial contracts and volume of analytics-related products and services in the company’s U.S. government business.
Wall Street analysts expected DigitalGlobe to report earnings of $0.13 per share and $171.9 million in revenue for the third quarter.
The company also raised full-year revenue guidance to $700 million-$710 million from its prior $680 million-$705 million outlook issued in July versus the consensus analyst estimates for 12-month sales at $696.9 million and earnings per share at $0.44.
Shares in DigitalGlobe closed down 1.1 percent to $25.95 Tuesday, have risen 65.7 percent since the start of the year and are up 27 percent over 12 months.