Google has just announced that they’ve purchased Skybox Imaging for $500 million, in an effort to help keep imagery updated more rapidly, improve global internet access, and assist in disaster relief.
Google’s press release on the acquisition was short and to the point:
Google Inc. (NASDAQ: GOOG) announced today that it has entered into an agreement to buy Skybox Imaging for $500 million in cash, subject to adjustments.
Skybox’s satellites will help keep Google Maps accurate with up-to-date imagery. Over time, we also hope that Skybox’s team and technology will be able to help improve Internet access and disaster relief — areas Google has long been interested in.
The transaction is subject to customary closing conditions, including the receipt of regulatory approvals in the US.
You can also read more on the Skybox blog.