Planet to Acquire VanderSat to Deliver Advanced Agriculture Data Products to Customers

We are excited to announce that Planet has entered into an agreement to acquire VanderSat, a leading provider of advanced earth data and analytics. Vandersat’s innovative products help customers better measure and understand water management and crop health in major markets. Planet intends to leverage VanderSat’s technologies and products in further pursuit of bringing to market next-generation solutions that combine the best of commercial and public satellite data to provide clear and actionable information to help industries, non-profits, and governments around the world.

VanderSat has world-class expertise in providing insights to customers by drawing from NASA, ESA and JAXA satellite data, and has built a suite of novel products that report on key conditions on the Earth’s surface, like soil moisture, land surface temperature, vegetation optical depth, and biomass. VanderSat’s unique algorithms deliver daily, global data products with great accuracy, unhindered by changing cloud-cover and atmospheric conditions. 

“VanderSat is a mission-driven company with the goal to serve one billion hectares of land in 2024. By joining Planet, our mission and impact will be dramatically accelerated and together, we aim to reach that goal in 2022,” said Dr. Thijs van Leeuwen, CEO of VanderSat.

“We’re thrilled to be welcoming the VanderSat team to Planet. We expect VanderSat’s analytics and industry expertise will help Planet provide solutions ‘up the stack’ to bridge the gap from complex remote-sensing science to products that offer improved data to the ecosystem and our customers. And when one combines their new data with Planet’s, the value is far greater than the sum of its parts,” said Will Marshall, CEO and Co-Founder of Planet. “We believe VanderSat’s products will add value in Planet’s core verticals of agriculture, and civil government, and will help us open up to others such as insurance and banking, to help grow our business.”

At Planet, one of our goals is to bridge the gap between real-world problems and the complexity of remote-sensing science. VanderSat is another step towards that goal with their advanced analytics. We believe their products will accelerate and expand our position in one of our most important verticals – agriculture – and help mature our offerings for others such as insurance, civil government, and finance. For example, easier-to-consume data can enable modeling to help financial institutions and insurers quantify climate impacts on water availability and crop production.

Adding VanderSat’s unique, all-weather data products to Planet’s high-cadence and high-resolution global monitoring will bring even greater value to users in agriculture, civil government and insurance by providing them with richer insights and more precise measurements. Plus, Planet’s unique platform and integrations will make these products more accessible than ever before. 

The VanderSat team is based in Haarlem, Netherlands and will further increase Planet’s commitment to the European ecosystem. The entire team, including their founder Dr. Richard de Jeu and CEO Dr. van Leeuwen, will be joining Planet. 

Under the agreement, Planet is set to acquire VanderSat for approximately $28 million, which consists of $18 million in shares of Class A common stock of Planet Labs PBC, valued at a per share price equal to the closing price of Class A common stock of Planet Labs PBC on the NYSE on the last trading day prior to the  consummation of the acquisition of VanderSat, and approximately $10 million in cash. 

The transaction is expected to close in Q4 2021 and is subject to customary closing conditions, as well as the closing of Planet’s business combination with dMY Technology Group, Inc. IV (“dMY IV”). This will be Planet’s fourth acquisition (BlackBridge ‘15, Terra Bella ‘17,  and Boundless ‘19). 

We are thrilled to welcome VanderSat to the Planet family!

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This press release may be deemed solicitation material in respect of the proposed Business Combination between dMY IV and Planet. The Business Combination will be submitted to the stockholders of dMY IV and Planet for their approval. In connection with the vote of dMY IV’s stockholders, dMY IV has filed a Registration Statement with SEC, which includes a proxy statement/prospectus and certain other related documents.  dMY IV has also commenced mailing the definitive proxy statement/prospectus and a proxy card to each stockholder of record as of October 19, 2021 entitled to vote at the special meeting relating to the Business Combination. dMY IV also will file other documents regarding the proposed transaction with the SEC. This communication does not contain all the information that should be considered concerning the proposed Business Combination and the other matters to be voted upon at the special meeting and is not intended to provide the basis for any investment decision or any other decision in respect of such matters. dMY IV’s stockholders and other interested parties are urged to read the definitive proxy statement and any other relevant documents that are filed or furnished or will be filed or will be furnished with the SEC carefully and in their entirety in connection with dMY IV’s solicitation of proxies for the special meeting, as these materials will contain important information about Planet and dMY IV and the proposed Business Combination and other related matters. Stockholders will also be able to obtain copies of these materials, without charge, once available, at the SEC’s website at https://www.sec.gov, at the Company’s website at https://www.dmytechnology.com or by written request to dMY Technology Group, Inc. IV at 1180 North Town Center Drive, Suite 100, Las Vegas, Nevada 89144

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Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 with respect to the proposed transaction between dMY IV and Planet and the proposed acquisition of Vandersat by Planet, including expected benefits of that transaction. Actual results may differ from these forward-looking statements and you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “would,” “believes,” “predicts,” “potential,” “strategy,” “opportunity,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside dMY IV’s and Planet’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to the risks and uncertainties indicated from time to time in the proxy statement/prospectus relating to the Business Combination, including those under “Risk Factors” therein, and in dMY IV’s other filings with the SEC. You should carefully consider the foregoing factors and the other risks and uncertainties described in the proxy statement/prospectus discussed above and other documents filed by dMY IV from time to time with the SEC. These filings identify and address or will identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.

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