Digital lidar SPAC deal to accelerate adoption
Upon closing of the business combination, which is expected to provide up to $300 million in gross proceeds, the combined company will operate as Ouster, Inc., and is expected to remain listed on the NYSE under the ticker symbol “OUST.” The transaction, says the company, will help it accelerate digital lidar adoption in industrial, smart infrastructure, robotics, and automotive markets.
“Ouster is powering the vision for an autonomous future where lidar-powered solutions are ubiquitous and built into every part of the industrial economy,” says Ouster co-founder and Chief Executive Officer Angus Pacala. “We have established a strong business with a disruptive digital lidar technology, a diversified customer base, and global manufacturing and supply chain capabilities that are scaling toward high volume production. We believe the combination with Colonnade will enable us to further accelerate the adoption of our proven technology across multiple end markets and realize a safer, smarter, more efficient future.”
The company is a leading provider of high-resolution digital lidar sensors that are designed to give advanced 3D vision to robots, vehicles, and fixed infrastructure assets, allowing each to understand and visualize the surrounding world, and enabling safe autonomy. The company says it designs and manufactures sensors that it believes are the highest performing, lowest cost lidar solution available today across each of its four target markets: 1) industrial automation; 2) smart infrastructure; 3) robotics; and 4) automotive.
The company brought its digital lidar technology to market in 2018 and currently offers a lidar sensor lineup offering over 75 combinations of range, field of view, and resolution configurations. Its sensors are currently used by hundreds of customers globally, providing vision to autonomous vehicles and robots in applications ranging from mining and construction to cars and trucks, to smart city infrastructure.
The business combination values Ouster at an approximately $1.6 billion pro forma post-money enterprise value at a share price of $10.00, assuming no redemptions by Colonnade shareholders and no purchase price adjustments. All current Ouster stockholders will roll the entirety of their existing equity holdings into the combined company
Following completion of the business combination, Ouster will retain its management team: Co-Founder Angus Pacala will continue to serve as CEO, co-founder Mark Frichtl will continue as CTO, and Anna Brunelle will continue to serve as CFO. Colonnade Chief Executive Officer Remy W. Trafelet will join the Ouster board of directors upon closing of the business combination.
Trafelet says, “We are excited to partner with Ouster to drive the next phase of its growth. As an innovation-driven lidar company, Ouster is led by an experienced management team with deep technical knowledge and strong business momentum. Since inventing their digital lidar in 2015, Ouster has revolutionized lidar technology, creating a digital solution that we believe is capable of disrupting the existing analog solutions in the market.”
“Ouster is well-positioned for significant growth opportunities given its proven business model, flexible suite of products, and rapidly expanding target markets,” says Trafelet. “We expect that the combination will allow us to drive significant value creation by participating in such a dynamic and high-demand sector.”
Related articles:
Digital lidar startup looks to replace legacy analog sensors
High-performance solid-state digital lidar sensor announced
Solid-state lidar sensor aims to enhance auto safety
‘Holy grail’ of LiDAR leverages beam-steering metasurfaces
If you enjoyed this article, you will like the following ones: don't miss them by subscribing to :
