Lockheed Martin to Acquire Vector's GalacticSky Software

Aerospace and Defense Review | Friday, February 28, 2020

As there were no qualifying bids, Lockheed Martin, which provided debtor in financing when Vector filed for bankruptcy, will attain the company's assets with a stalking horse bid of USD 4.25 million. The deal will be finalized on a February 28 court hearing

Fremont, CA: U.S. government defense contractor Lockheed Martin is set to acquire all of the satellite technology assets of Vector by default, following a bankruptcy filing which received no qualified bids by the deadline. Vector filed for bankruptcy at the United States Bankruptcy Court for the District of Delaware on December 11, 2019. The lawyers overseeing the bankruptcy proceedings stated that they had received no qualifying bids for the company's GalacticSky software-defined spacecraft technology by the February 21, 2020 deadline.

As there were no qualifying bids, Lockheed Martin, which provided debtor in financing when Vector filed for bankruptcy, will attain the company's assets with a stalking horse bid of USD 4.25 million. The deal will be finalized on a February 28 court hearing.

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The technology in question, GalacticSky, was earlier a reason for contention between the two companies. In March 2019, Lockheed Martin announced GalacticSky software-defined spacecraft technology. Following this, Vector filed a suit against Lockheed, alleging the company of patent infringement. The following July, Vector withdrew the lawsuit citing ongoing negotiations with Lockheed Martin.

Only one company, NewSpace Networks, showed interest in bidding for the GalacticSky assets. NewSpace Networks is a startup founded by former members of Vector. The company announced on February 11 its intentions to raise USD 200 million to develop related technology using a combination of acquisition, investment, and internal product development. NewSpace had also sought an extension on the February 21 deadline for its investors to do more due diligence on the GalacticSky assets, which the court declined. The company is hoping to be able to work along with Lockheed for the use of smart satellite technology along with the exploration of other applications.

Lockheed Martin is yet to disclose its intentions for the GalacticSky technology. The company is currently working on software-defined satellite technology, along with flying a payload called Pony Express 1 that was used for testing advanced satellite computing and communications technology on an experimental CubeSat launched in December 2019. The court filing disclosed no information on bids for Vector's other assets, including a small launch vehicle, which was known as the company's most successful technology. The lawyers stated that they would solicit bids for the remaining assets with a minimum bid of USD 3 million. If no bids were received, they would follow a separate marketing and sale process once the sale of the GalacticSky technology is completed.

See also: Top Space Tech Solution Companies

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