Alén Space consolidates its position by joining the multinational GMV
June 21, 2023
Alén Space, the pioneering New Space startup based in Spain, has just entered into an acquisition agreement with the multinational tech firm GMV, which will make it part of GMV’s global business group.
The transaction is taking place through GMV’s acquisition of a majority stake in the company, in combination with a share capital increase. The goal is for Alén Space to increase its turnover tenfold in the next 5 years, to become a European and global leader in the small satellite market. Under this agreement, Alén Space will continue to operate under its own brand, while its current management team will continue to lead the project.
Given the strategic nature of this operation, Spain’s Center for Technological Industrial Development (CDTI), through its INVIERTE initiative, remains an investor in Alén Space and accompanies GMV in the corresponding capital increase.
For Alén Space, the agreement represents an opportunity to join a global technological group with a strong reputation in its market and a complementary technological and product portfolio. GMV also provides the capabilities and resources needed to consolidate and multiply the impressive growth trend Alén Space has been experiencing in recent years. All of this will reinforce the startup’s position vis-a-vis its clients and competitors.
Alén Space was established in 2019, as a spinoff of the University of Vigo. Since then, the company has been working on the development of nanosatellites and its team has led missions of international importance, achieving significant milestones such as placing Xatcobeo, the first Spanish nanosatellite, into orbit. The company collaborates with major space agencies and international bodies and has achieved wide recognition worldwide.
For GMV, the agreement represents a significant increase in its commitment to the New Space, a field in which the company has been working for years. It also strengthens its position as a global leader in the space industry, consolidating the company as one of the main players in this market.
For Guillermo Lamelas, CEO of Alén Space: “This operation represents a unique opportunity for Alén Space, due to the excellent fit between the two companies, and GMV’s strong positioning and a great reputation. In a context characterized by strong growth and heavy competition, it opens a new path for us, where anything is possible.”
According to the CEO of GMV, Jesús B. Serrano: “This is a long-term agreement between GMV and Alén Space of which we are very proud. Together we aim to lead the manufacturing of small satellites and related technologies at a European and global level.”