Today Google announced that it had signed an acquisition agreement for Skybox Imaging, a satellite company, for $500 million in cash.
In aÂ blog post GoogleÂ explained the acquisition:
Skyboxâ€™s satellites will help keep Google Maps accurate with up-to-date imagery. Over time, we also hope that Skyboxâ€™s team and technology will be able to help improve Internet access and disaster relief â€” areas Google has long been interested in.
In addition to the obvious benefits to Google Maps and Google Earth, Skyboxâ€™s satellites could be used as a means to provide internet access to locations off the broadband grid. The company already has itsÂ Project LoonÂ internet-sharing balloons deployed. Adding satellites to the mix would expand the companyâ€™s reach.
Skybox stated in aÂ blog postÂ that pending approval of the deal, it will continue to do business as usual.