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Gogo to Acquire Satcom Direct

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Establishes the only multi-orbit, multi-band, global in-flight connectivity provider serving the fast-growing business aviation and military/government mobility markets

Immediately accretive transaction delivers scale benefits and significant cost synergies for enhanced value creation

BROOMFIELD, Colo., Sept. 30, 2024 /PRNewswire/ — Gogo Inc. (NASDAQ: GOGO) (“Gogo” or the “Company”) and Satcom Direct today announced entry into a definitive agreement under which Gogo will acquire Satcom Direct to create the only in-flight connectivity provider able to satisfy the performance and cost needs of every segment of the global business aviation (BA) and military/government mobility markets.  

Under the terms of the agreement, Satcom Direct will receive $375 million in cash and five million shares of Gogo stock at closing, and up to an additional $225 million in payments tied to realizing certain performance thresholds over the next four years.

Satcom Direct has an extensive international sales and service footprint and is the leading global BA geostationary (GEO) satellite in-flight connectivity service provider. In 2024, Satcom Direct is expected to generate approximately $485 million in revenue with EBITDA margins of approximately 17% on a pro forma adjusted basis. Satcom Direct generates approximately 80% of its revenue from the BA market, and approximately 20% from the military/government mobility market.

“This transaction accelerates our growth strategies of expanding our total addressable market to include the 14,000 business aircraft outside North America, and delivering solutions that meet the needs of every segment of the BA market,” said Oakleigh Thorne, Gogo Chairman and CEO. “Together, Gogo and Satcom Direct will offer integrated GEO-LEO satellite solutions that provide the highest performance of any satellite solution, along with the world-class customer support that the global heavy jet segment demands.”

“This transaction also uniquely positions us to sell our Galileo LEO solution integrated into Satcom Direct’s GEO and L-band offerings as part of a multi-band, multi-orbit solution for the fast-growing military/government mobility market,” Thorne said. “We look forward to welcoming the world-class Satcom Direct team to Gogo.”

“Satcom Direct is thrilled to be joining forces with Gogo, a company that shares our focus on delivering outstanding service and leading innovation,” said Chris Moore, Satcom Direct President. “Our businesses have highly complementary core competencies, and our combined financial strength and expertise unlocks opportunities to invest in new technology and deliver significant long-term value creation.”

Strategic and Financial Benefits

Establishes a unique LEO-GEO-ATG product line for BA. Unmatched offerings for all segments of the BA market expected to drive revenue growth – from North America ATG to meet basic connectivity needs, to integrated multi-orbit LEO-GEO solutions via combination of Gogo Galileo and Satcom’s Plane Simple GEO solutions.

Combines two respected BA-focused companies. Activates a global BA-fluent sales force and white-glove customer support team to serve Gogo and Satcom Direct customers worldwide and drive global sales of Gogo Galileo.

Provides Gogo entry into the large and fast-growing military/government mobility vertical. Satcom Direct’s existing products and expertise immediately diversify Gogo’s revenue, and when combined with Gogo Galileo, create a growth opportunity with unique integrated LEO-GEO products to serve military and government customers.

Expands platform for the sale and service of new products as technology evolves. A combined installed base of 12,000 unique global customers creates an advantageous pathway to sell upgrades to new technologies that can be installed faster and more cost-effectively than competitors’ products.

Complementary OEM and aftermarket positions will drive enhanced recurring revenue with long customer lifetimes. The combined company will be linefit offerable on more OEM aircraft models than any competitor, and have the largest aftermarket dealer network and fractional, charter and managed fleets relationships in the world.

Unlocks immediate accretion and significant cost savings. The transaction is expected to be immediately accretive to earnings and free cash flow per share and is expected to generate $25-30 million in annual run-rate cost synergies in the two years following closing. 

Strengthens financial profile with enhanced scale, attractive margins and greater cash flows. Expected pro forma 2024 revenue of approximately $890 million, adjusted EBITDA margin of approximately 24% and free cash flow of more than $100 million. Including the anticipated launch of Gogo Galileo, the combined company is expected to deliver long-term annual revenue growth in the 10% range, adjusted EBITDA margins in the mid-20% range and significant free cash flow accretion, which will support strategic investments, de-levering and return of capital to shareholders.

Transaction Details

Under the terms of the agreement, Gogo will acquire Satcom Direct for $375 million in cash, subject to customary adjustments, and five million shares of Gogo stock at closing. The agreement also provides for potential additional consideration, capped at $225 million, based on retaining and growing broadband customers above certain performance thresholds in the form of:

A royalty earnout from 2025-2028; andA buyout earnout based on 2028 results.

The transaction will be financed with a combination of cash-on-hand and $275 million in committed new debt. Gogo expects net leverage to be in the 4x range post-closing and anticipates returning to its target net leverage range of 2.5-3.5x two years post-closing.

The transaction has been unanimously approved by the Board of Directors of Gogo and remains subject to regulatory approvals and customary closing conditions and is expected to close by the end of 2024.  

Kirkland & Ellis LLP and Hogan Lovells LLP are serving as legal advisors to Gogo. BofA Securities and Morgan Stanley & Co. LLC are serving as financial advisors to Gogo. Morgan Stanley Senior Funding, Inc., BofA Securities and Deutsche Bank Securities Inc. provided financing commitments to support the acquisition. Haynes Boone, LLP is serving as legal advisor, and J.P. Morgan is serving as financial advisor to Satcom Direct.

Conference Call and Webcast Details

Gogo will host a conference call to discuss the transaction today at 9 a.m. ET. The call will be webcast live and available for replay at https://edge.media-server.com/mmc/p/r5j6sy6b.The accompanying slide presentation will be available online on the Investor Relations section of the Company’s investor website at https://ir.gogoair.com.  

Participants can use the below link to retrieve your unique conference ID to use to access the conference call.

https://register.vevent.com/register/BIba0db10ad1a8456dbfb694312a7b3fe7

About Gogo

Gogo is a leading provider of broadband connectivity services for the business aviation market. We offer a customizable suite of smart cabin systems for highly integrated connectivity, inflight entertainment, and voice solutions. Gogo’s products and services are installed on thousands of business aircraft of all sizes and mission types from turboprops to the largest global jets, and are utilized by the largest fractional ownership operators, charter operators, corporate flight departments and individuals.

As of June 30, 2024, Gogo reported 7,031 business aircraft flying with its broadband ATG systems onboard, 4,215 of which are flying with a Gogo AVANCE L5 or L3 system; and 4,247 aircraft with narrowband satellite connectivity installed. Connect with us at www.gogoair.com.

About Satcom Direct

Satcom Direct (SD) is founded on a core belief in understanding the value of time and the importance of maximizing it. The company mobilizes the most cutting-edge technologies to enable connection wherever you might be. SD’s proprietary technologies span business aviation and government sectors, with the singular goal of leading connectivity industry standards.

Harnessing a powerful combination of tools, SD delivers consistent, reliable connectivity globally. Proprietary software, hardware, terrestrial infrastructure, cybersecurity solutions and award-winning customer support create tailored data services for each individual customer mission. The aim is to enhance the passenger and ownership experience, improve efficiencies and give back precious time by providing connectivity beyond all expectations.

SD World Headquarters is located at the heart of the Space Coast in Melbourne, Florida, with 14 additional locations in 11 countries, including the UK, UAE, Switzerland, Singapore, Australia, and Brazil, plus a hardware development and manufacturing base in Ottawa, Canada. For more information regarding SD, visit www.satcomdirect.com, e-mail sales@satcomdirect.com, or call U.S. +1.321.777.3000 or UK +44.1252.554.460

Investor Relations Contact

Media Relations Contacts:

Gogo

Will Davis

+1 917-519-6994

wdavis@gogoair.com 

Gogo

Dave Mellin

+1 720-840-4788

dmellin@gogoair.com

Bryan Locke / Lindsay Molk

FGS Global

Gogo@fgsglobal.com 

Satcom Direct

Jane Stanbury

+44 7803 296 046
+1 438 998 1668
Jane@arenagroupassociates.com

Cautionary Note Regarding Forward-Looking Statements

Certain disclosures in this press release include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding our business outlook, industry, business strategy, plans, goals and expectations concerning our market position, international expansion, future technologies, future operations, margins, profitability, future efficiencies, capital expenditures, liquidity and capital resources and other financial and operating information. When used in this discussion, the words “anticipate,” “assume,” “believe,” “budget,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “future” and the negative of these or similar terms and phrases are intended to identify forward-looking statements in this press release.

Forward-looking statements are based on our current expectations regarding future events, results or outcomes. These expectations may or may not be realized. Although we believe the expectations reflected in the forward-looking statements are reasonable, we can give you no assurance these expectations will prove to have been correct. Some of these expectations may be based upon assumptions, data or judgments that prove to be incorrect. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors. Although it is not possible to identify all of these risks and factors, they include, among others, our ability to effectively evaluate and pursue strategic opportunities.

Additional information concerning these and other factors can be found under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission (the “SEC”) on February 28, 2024, and in subsequent Quarterly Reports on Form 10-Q as filed with the SEC on May 7, 2024 and August 7, 2024.

Any one of these factors or a combination of these factors could materially affect our financial condition or future results of operations and could influence whether any forward-looking statements contained in this report ultimately prove to be accurate. Our forward-looking statements are not guarantees of future performance, and you should not place undue reliance on them. All forward-looking statements speak only as of the date made and we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

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The Price is Right Live™ is going on sale Friday, Oct 4, 2024 for the SPRING 2025 Tour

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September 30, 2024

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Over 60 venues will play host to The Price is Right Live™ interactive stage show this Spring, with more to come! Tickets will go on sale Friday, Oct 4 at 9am (EST) at https://priceisrightlive.com

BOULDER CITY, Nev., Sept. 30, 2024 /PRNewswire-PRWeb/ — The Price is Right Live™ is going on sale Friday, Oct 4, 2024 for the SPRING 2025 Tour Over 60 venues will play host to The Price is Right Live™ interactive stage show this Spring, with more to come!

Tickets will go on sale Friday, Oct 4 at 9am (EST) at https://priceisrightlive.com

THE PRICE IS RIGHT LIVE™ is making its way across America in a live, interactive stage show this spring. “Come on Down” and be a part of this family friendly stage show (non-televised) offering fans a chance to make dreams come true and relive feelings of nostalgia, while experiencing the same thrilling excitement of winning big, up close, locally and in-person.

THE PRICE IS RIGHT LIVE™ will be performing at over 60 venues starting on January 9, 2025 giving randomly selected contestants a chance to play everyone’s favorite games like Plinko™, Cliffhangers™, The Big Wheel™ and even the fabulous Showcase. The show features an array of fantastic prizes, from appliances and electronics to dream vacations and even a brand-new car. Lucky audience members can even win prizes right from their seat.

Special packages will be available for those who consider themselves a Superfan of America’s legendary Game Show; including special gifts, seating and even the chance to spin The Big Wheel™. Check our website for details and packages available.

Playing to packed houses for more than 20 years, THE PRICE IS RIGHT LIVE™ has entertained millions of guests and given away more than 15 million dollars in cash and prizes. If you’re a fan of “The Price Is Right”™ on TV, you’ll no doubt love this exciting, live (non-televised), on-stage version of the show!

EVENT: The Price is Right Live!™

TICKETS ON SALE: Friday, October 4

DATES: Jan 9 to April 5, 2025

DATE CITY, STATE VENUE SHOWTIME

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For more information, follow The Price Is Right Live™ on Facebook (https://www.facebook.com/priceisrightlive), Twitter (https://twitter.com/TPIRLIVE) & Instagram (https://www.instagram.com/priceisrightlive/).

Media Contact

Laura Pyzer, PyTown Marketing, 1 7022905592, laura@pytownmarketing.com, http://pytownmarketing.com/

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How an Iraqi Youngster Made a Chinese Small Town Famous: The Story of Ejina

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Guanghua Review from cctv.com Relates the Story Behind the Viral Travel Vlogger and His Hit Series on #ChinaTravel

ALXA LEAGUE, China, Sept. 30, 2024 /PRNewswire/ — China’s influencer economy has opened up a new way of life for foreigners residing in the country, giving them opportunities to explore Chinese cuisine, travel, and culture from fresh perspectives. This trend has struck a chord with Chinese fans of the influencers, fueling the popularity of #ChinaTravel. One prime example is “Lao Wang in China“, an Iraqi food vlogger whose social media presence has attracted over 20 million followers. Recently, Lao Wang guest-starred on CCTV digital media’s Beauty in China, embarking on a live-streamed cultural journey in Ejina Banner, Alxa League, Inner Mongolia Autonomous Region.

As expected, it was a hit. Ejina, as a travel destination, garnered massive traffic and discussion on both official and social media platforms, further boosting Lao Wang’s popularity among Chinese audiences.

Beauty in China is a live-streaming digital media program that explores the natural and cultural landscape and brings daily life experiences to viewers. Lao Wang and fellow journalists act as local tour guides and cultural experience officers, offering immersive experiences on platforms like Weibo, WeChat Channels, and Douyin, the Chinese version of TikTok. From tasting local specialties in the Ejina Populus Euphratica Forest to exploring the vibrant nightlife in a historic neighborhood, Lao Wang’s unique collaboration with Chinese media has allowed viewers from China and beyond to rediscover this small town in northwest China.

 

As a seasoned travel vlogger, Lao Wang showcased his culinary expertise in the program. He shared his first impression of the Inner Mongolian breakfast, commenting, “Once tasted, it’s unforgettable.” He sampled various Ejina delicacies in the Populus Euphratica forest, including milk tea, milk skin, dried camel meat, and camel yogurt, constantly praising each dish. He also revealed, “Every place I visit deeply resonates with me. I want to document each day of my extraordinary life and share the kind, authentic China with my hometown.”

The table filled with unique camel delicacies highlighted Ejina’s camel industry. Dubbed “China’s Camel Town”, Ejina Banner boasts a modern camel processing facility that produces nearly 2 tons of camel milk each day, according to local media reports. A range of camel-related by-products has also been developed, including dried camel meat, camel meat and sand onion pies, braised camel ribs, butterfly-shaped camel hoof dishes, and camel yogurt.

Trailing behind CCTV’s cameras and following Lao Wang’s lead, Ejina has rightly earned its place in the limelight. The captivating destination not only includes the ancient city of Heishui, buried beneath the sands, but also showcases majestic Populus Euphratica trees that proudly pierce through the desert vistas. Juyan Lake truly embodies the poetic imagery from an ancient Chinese verse: “The evening sun and a lonely wild duck fly together, while the autumn water reflects the hues of the sky.” Lao Wang found himself deeply moved by the warmth and hospitality of the Inner Mongolians, coupled with the delightful camel-infused delicacies they offered.

The program featuring a foreign young man’s journey through breathtaking landscapes and exquisite cuisine in collaboration with leading Chinese media has sparked lively discussions across social media platforms. It has also given countless local followers a fresh perspective of their hometown, which has now gone viral. Eager to showcase their pride, they have rallied behind the young man, exclaiming, “Welcome all to the enchanting Ejina!”

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CobbleStone Software Offers Rapattoni Corporation a Powerful Solution for Their Contract Management Needs

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September 30, 2024

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Read on to get an insight on how Rapattoni Corporation transformed its contract management processes by implementing CobbleStone Contract Insight.

PRINCETON, N.J., Sept. 30, 2024 /PRNewswire-PRWeb/ — CobbleStone Software – a recognized Leader in contract lifecycle management (CLM) according to the SPARK Matrix™ Report – shares a real story on how a large organization took its contract management to new levels after incorporating CobbleStone Contract Insight®.

“Our case studies serve as testimonials of real clients that have experienced a significant transformation within their CLM processes by using the industry-leading tools and features that CobbleStone Contract Insight offers,” – Bradford Jones, VP of Sales & Marketing at CobbleStone

Rapattoni Corporation is an application service provider that specializes in software and services for the real estate industry. For over five decades, Rapattoni Corporation has been providing quality software and services for real estate associations.

As with any continuously evolving organization, Rapattoni Corporation required software that could keep up with its growth. While looking for a change from their previous CLM software provider, Rapattoni discovered CobbleStone Software. Thus, it started a journey that led to streamlined processes, powerful AI-backed features, and scalability to grow with the company.

Some features that stood out to Rapattoni that can scale with organization growth include ad-hoc reports, dashboards, report designer, workflows, and document templates.

According to Rapattoni’s Mackenzie M., since implementing CobbleStone Contract Insight, “We have been able to simplify several of our processes, and we have been able to provide more detailed information to our executive team about what is going on in the sales pipeline with less employee time.”

Click here to read the complete case study. 

“Assisting organizations in enhancing their CLM processes is exciting. Our case studies serve as testimonials of real clients that have experienced a significant transformation within their CLM processes by using the industry-leading tools and features that CobbleStone Contract Insight offers,” says Bradford Jones, VP of Sales and Marketing at CobbleStone Software.

Contact CobbleStone Software for a free demo.

For more information, email Sales@CobbleStoneSoftware.com or call 866-330-0056.

About CobbleStone Software:

CobbleStone Software is a celebrated leader in contract management software solutions whose flagship CLM software solution – CobbleStone Contract Insight – expedites contract management, vendor management, eProcurement, and eSourcing processes while offering seamless integrations, ease-of-use, and high scalability. CobbleStone’s contract lifecycle management solutions provide simplified contract and vendor tracking, highly configurable email alerts, user-friendly calendar notifications, intelligent contract workflow automation, highly robust security options, streamlined authoring of contract templates with dynamic clauses, centralized revenue/cost management, detailed text indexing and searching, future-minded vendor/client ratings, robust document version control, custom contract management reports, speedy IntelliSign® electronic signatures, more intelligent contracts with VISDOM® artificial intelligence and machine learning, and more.

Follow CobbleStone Software on social media:

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To stay up to date on contract lifecycle management industry trends and news, subscribe to CobbleStone’s Contract Insights blog.

Media Contact

Simran Bains, CobbleStone Software, 866-330-0056, Marketing@CobbleStoneSoftware.com, https://www.cobblestonesoftware.com/

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