Tuesday, February 25, 2003

PolarSat Raises $9 Million to Enter Market for VSAT Equipment

Tuesday, February 25, 2003    

PolarSat, a start-up based near Montreal, Canada, raised $9 million from three major investor for its plans to enter the market for satellite communications equipment. The company has purchased the assets and product lines the former broadband division of NSI Global Inc. and hopes to hire up to 85 of the 130 former NSI employees by year's end. PolarSat will be chiefly involved in the Very Small Aperture Terminal segment of business. Investors include Telenor Satellite Networks AS, Infinium (which provides VSAT services in India), and Agilis Communication Technologies Pte. Ltd. (a subsidiary of Singapore Technologies Electronics Ltd).