Benzinga | May 24, 2021 10:35AM EDT

Iridium Communications Acquires Stake In GNSS Solutions Provider DDK Positioning For Undisclosed Sum

* Iridium Communications Inc (NASDAQ: IRDM) acquired a stake in Aberdeen, Scotland's enhanced Global Navigation Satellite System (GNSS) accuracy solutions provider DDK Positioning (DDK).

* The financial terms of the transaction were not disclosed.

* DDK offers precise positioning of five centimeters or less under the Iridium network than GPS's standard positioning accuracy at 10 meters. DDK's higher precision renders it a fit for autonomous vehicles like UAVs, precision agriculture applications, offshore infrastructure projects like windfarm construction, automotive applications like driverless cars, multiple construction, mining, surveying, and IoT use cases.

* Iridium and DDK partner solutions focused on precision agriculture, autonomous systems, maritime and infrastructure projects can experience precise GNSS accuracy from anywhere on the planet, Iridium CEO Matt Desch said.

* Iridium held $222.3 million in cash and equivalents as of March 31, 2021.

* Price action: IRDM shares are up by 0.46% at $37.15 on the last check Monday.