To oversee its transition to a public company, SatixFy appoints a CEO

To oversee its transition to a public company, SatixFy appoints a CEO

SatixFy, a manufacturer of satellite communications equipment, announced on March 8 that it had decided to go public through a merger with a SPAC, despite market turbulence that had earlier helped weather startup’s SPAC ambitions fall through. Depending on how many SPAC shareholders opt for cash refunds in lieu of stock in the merged firm before the deal closes this year, Israel-based SatixFy anticipates generating approximately $230 million in gross profits from its merger with Endurance Acquisition Corp.

The Antarctica Capital, which is a private equity firm based in New York founded Endurance as a shell corporation last year. On September 15 under the ticker symbol “EDNCU,” the blank check company listed shares on the Nasdaq Capital Market, raising around $200 million. The combined company hopes to obtain roughly $29 million via a private investment in public equity (PIPE) capital round from Antarctica Capital as well as Sensegain Group, which is an asset manager that is based in China, in addition to the money Endurance raised through selling shares.

As part of the company’s intention to become a publicly traded corporation, David Ripstein has been appointed CEO as of June 23. On June 27, Ripstein will start serving as CEO of Israel-based SatixFy, which provides automotive-focused telematics services in the UK under the name GreenRoad Technologies. Yoav Leibovitch, SatixFy’s chair, and chief financial officer, who temporarily filled both roles after co-founder and previous CEO Yoel Gat’s death on April 8 due to cancer, will pass those duties to him.

Continuing as chair and CFO is Leibovitch, who also helped co-found the business in 2012. Plans to list shares on Nasdaq through a merger with Endurance Acquisition Corp, which is a special purpose acquisition company (SPAC), were first disclosed in March, according to SatixFy, and they are still on schedule to be completed in the second half of 2022.

The merger gives the merged business a value of $813 million and offers the possibility of raising approximately $230 million for SatixFy’s expansion plans.

Prior to joining GreenRoad in 2017, Ripstein served as the president and chief executive officer of Radcom, a publicly-traded company that offers network intelligence solutions to telecom operators making the switch to 5G. According to Ripstein, SatixFy intends to leverage the influx of capital from going public to “start an aggressive sales approach, and hope to see this strategy lead to high revenue growth as well as profitability over time.”

For its own modems, antennas, and terminals—which are centered on semiconductors it creates in-house—SathixFy predicts rising demand from the broadband satellites in LEO (low Earth orbit) as well as other altitudes. From $22 million in the year 2021 to $374 million in the year 2026, the corporation expects revenues to increase.

SatixFy projects that its EBITDA, or earnings before interest, taxes, depreciation, and amortization, will be $23 million in 2023 and $113 million in 2026 after it nearly achieves break-even in 2022.

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