Viasat has entered into a definitive agreement to acquire RigNet, a provider of ultra-secure, intelligent networking solutions and specialized applications. Viasat will purchase the company in an all-stock transaction worth approximately $222 million.
“With the acquisition of RigNet, we are accelerating the diversification of our connectivity portfolio and establishing a global foundation for expansion of our remote enterprise service offerings,“ said Rick Baldridge, Viasat's president and CEO.
RigNet is a provider of global end-to-end, secure managed communications service and installation capabilities. With the acquisition, Viasat will expand its offerings to provide advanced broadband connectivity and communications.
The purchase will enable Viasat to grow into new adjacent industries, including energy, shipping, maritime and mining as RigNet also offers digital transformation solutions.
Viasat will incorporate RigNet into its Global Enterprise and Mobility business unit.
“RigNet's successful track record, global footprint, deep customer relationships and emerging technology expertise in areas like machine learning and artificial intelligence (AI) make this transaction an ideal fit as we launch our integrated global broadband platform,“ Baldridge added.
Viasat will have direct access to over 650 customers and diversify its commercial connectivity portfolio. It will also gain core technology and services, including RigNet's digital transformation toolset, including end-to-end managed communications and connectivity service capabilities.
“This combination also represents an outstanding opportunity for us to accelerate both the investment in and the adoption of our digital transformation solutions more rapidly outside of our core oil & gas vertical,“ said Steven Pickett, president and CEO of RigNet.