Rignet, Inc.

Rignet, Inc. provides managed communication services tailored for remote operations across industries such as oil and gas, maritime, and government sectors, enhancing efficiency and connectivity. Founded in 2001 and headquartered in Houston, US, Rignet, Inc. specializes in managed communication services.

The company was acquired by Viasat, Inc. in April 2021 from KKR, marking a significant transition in its operations. The CEO, Henry Akwukwaegbu, oversees the company's strategic direction. Rignet has successfully completed 5 deals, with the most recent funding round being a BUYOUT of USD 145.

00 mn completed in December 2020, raising a total of USD 145. 00 mn. Rignet, now part of Viasat energy services, focuses on secure Industrial Internet of Things (IIoT) networks and the Intelie Live machine learning analytics platform, enabling clients to analyze real-time data from their distributed assets. Their services address data security and operational visibility challenges and are utilized by clients across North America, South America, Europe, and Asia-Pacific regions, offering tailored solutions to meet each market's needs.

In the most recent fiscal year of 2020, Rignet reported revenue of USD 207. 92 mn, with an EBITDA of USD -6. 50 mn. The company's revenue model is primarily based on subscription agreements and partnerships, ensuring long-term support and alignment with clients' evolving operational needs.

Following the acquisition by Viasat, Rignet plans to leverage its resources to enhance existing communication services and develop new products. The acquisition, valued at approximately USD 222 mn, is expected to facilitate entry into new geographic markets with an emphasis on expanding operations in Europe and Asia-Pacific by 2023. The recent funding will support these initiatives, aiming to enhance operational efficiencies and expand the reach of their advanced analytics services.