Orbcomm Raises $110M

Satellite telecom company Orbcomm raises $110M in equity funding

January 4, 2006

1 Min Read

DULLES, Va. -- ORBCOMM, a global satellite telecommunications company, today announced that it has completed equity financings totaling over $110 million led by Pacific Corporate Group (PCG), which committed $60 million. New investors, in addition to PCG, include investment firms MH Equity Investors and Torch Hill Capital. Several existing investors also contributed to these financings including Ridgewood Capital, OHB Technology AG, Northwood Ventures and senior management.

"This latest investment, with significant contributions from Pacific Corporate Group, a top-tier firm, further validates the uniqueness of our technology and our ability to bring cost-effective, high-quality infrastructure and asset tracking satellite services to businesses that have assets located anywhere in the world," said Jerry Eisenberg, CEO of ORBCOMM. "This new funding allows us to accelerate our satellite replenishment program in order to support our rapidly growing customer base and offer new products and services. Attracting such high-quality investors reflects their belief in our ability to deliver significant value to our customers, our resellers and our hardware partners."

"Pacific Corporate Group's investment in ORBCOMM reflects our strategy of investing in well-managed, established companies that have significant growth potential," said Tim Kelleher, a Managing Director of Pacific Corporate Group. "We were attracted to this sector by growing recognition of the productivity and security benefits of telemetric and telematic solutions. We expect these technologies to become a commercial imperative in coming years. ORBCOMM is a leading player and has positioned itself to rapidly grow its customer base by offering satellite-based global coverage, service reliability and competitive pricing."

Orbcomm

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