SatixFy Communications from Rehovot, Israel, announced a $60 million transaction with Canada based MDA Ltd. The deal is a combination of a $40 million share purchase agreement, selling SatixFy Space Systems UK to MDA as well as an additional $20 million in advanced payments under new commercial agreements which includes the previous $10 million advanced payment made in June to be applied to future orders of chips.
SatixFy will continue to retain all its related ASIC intellectual property and new chips’ development for satellite digital payloads. The transaction is expected to occur in the fourth quarter of 2023. Nir Barkan, Acting CEO of SatixFy, said the company has recently took a strategic decision to focus on its core competencies of developing and providing novell chipsets supporting multi beam digital antennas and on board processing for the space industry and advanced ground terminals.
SatixFy develops end-to-end digital satellite communications systems: satellite payloads, user terminals and modems, based on powerful chipsets that it develops in house. It products are based on Software Defined Radio (SDR), Fully Electronically Steered Multi Beam Antennas (ESMA) and Beamforming that support the advanced communications standard DVB-S2X. The deal aimed to support a recovery process after SatixFy’S 2022 revenues had dropped to $10.6 million, compared with $21.7 million in 2021.