TAMPA, Fla. — SatixFy named David Ripstein as CEO June 23 to lead the satcoms equipment maker’s planned transformation into a public company.
Ripstein is currently CEO of British automotive-focused telematics provider GreenRoad Technologies, and will assume his new role at Israel-based SatixFy June 27.
He will take over responsibilities from SatixFy chair and chief financial officer Yoav Leibovitch, who held them on a temporary basis after co-founder and former CEO Yoel Gat died April 8 from cancer.
Leibovitch, who also co-founded the company in 2012, remains chair and CFO.
SatixFy said plans announced in March to trade shares on Nasdaq by merging with Endurance Acquisition Corp, a special purpose acquisition company (SPAC), remain on track to complete in the second half of 2022.
The deal values the combined company at $813 million, and could potentially raise up to $230 million for SatixFy’s expansion plans.
Before joining GreenRoad in 2017, Ripstein was president and CEO of publicly traded Radcom, which provides network intelligence solutions for telecoms operators transitioning to 5G.
Ripstein said SatixFy plans to use the cash injection from going public to “launch an aggressive sales strategy, and expect to see this approach lead to strong revenue growth and profitability over time.”
SatixFy sees growing demand from broadband satellites in low Earth orbit and other altitudes for its antennas, terminals and modems — which are based on semiconductors it develops in-house.
The company has forecasted revenues to grow from $22 million in 2021 to $374 million in 2026.
After essentially breaking even in 2022, SatixFy expects to generate $23 million in EBITDA — or earnings before interest, taxes, depreciation, and amortization — in 2023, rising to $113 million in 2026.[spacenews-ad]