Spire Global and maritime tech firm Kpler have reached an agreement to settle an ongoing lawsuit tied to the acquisition of ship tracking business Spire Maritime.
Kpler agreed to buy Spire’s maritime arm for about $241m in November. The deal, which was expected to close by the first quarter of 2025, would give Kpler control over Spire’s satellites and maritime Automatic Identification System (AIS) data stream.
However, Spire filed a complaint in February against Kpler that alleged the company breached its obligations under the purchasing contract.
The two companies have now agreed to drop legal claims, contingent on the completion of the maritime business takeover by the end of April. The news saw Spire’s stock rise over 30% in New York after-hours trading.
Kpler has made several noticeable acquisitions in recent years. Back in 2021, the company acquired New York-headquartered cargo data company ClipperData, and last year, it bought two well-known ship tracking brands, MarineTraffic and FleetMon.
