KVH receives $4.5million investment
KVH Industries will receive a $4.5million investment from its long-term satellite partner SKY Perfect JAST Corporation…
KVH Industries (KVH), the mobile connectivity specialist, has today announced that its long-term satellite capacity partner, SKY Perfect JAST Corporation (SJC), has agreed to invest $4.5million in KVH in order to develop both companies’ commitment to deliver maritime broadband services. KVH and SJC intend to collaborate on value-added services in the areas of digitalisation and improved broadband access.
“For years, the collaboration of KVH and SJC has developed the Asian shipping market with excellent satellite communications services, and we look forward to continuing our relationship,” Shinji Takada, SJC’s representative director, president and chief executive officer. “Our investment is based on our conviction that KVH’s superior technology, equipment and services are crucial at this time of digitalisation in the maritime industry.”
SJC agreed to purchase $4.5million of KVH common stock in a private placement at a purchase price of $11.95 per share, which represents a 10 per cent premium over the average closing price of the KVH common stock over the 30 trading days that preceded the purchase. The transaction is subject to customary closing conditions and is expected to close later this week.
“We are thrilled to be continuing our relationship with SJC, which has been extremely significant as we have grown our mini-VSAT Broadband network into the number one market-share leader in maritime VSAT,” says Martin Kits van Heyningen, KVH’s chief executive officer. “Working together, we can leverage our technologies and strengths in order to provide faster, reliable global connectivity and the value-added service that the maritime industry needs.”
“Our coverage in the Asia-Pacific region is extremely important given the rising affluence and increasing amount of superyacht activity in the area,” explains Jim George, KVH’s senior director of global leisure sales. “Whether a yacht is cruising in Fiji, Malaysia, New Zealand, Japan, or another stunning destination in the region, KVH is thrilled to provide the connectivity that makes the superyacht experience complete.”
In June 2017, KVH established a dedicated superyacht department, the KVH Superyacht Group. The team focusses on providing custom connectivity packages for captains, charterers and owners, and delivering the concierge style service that these individuals expect.
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