05:32 PM EDT, 04/02/2024 (MT Newswires) -- Iridium Communications ( IRDM ) said late Tuesday it closed the acquisition of Satelles, a provider of secure satellite-based time and location services.

The acquired business is now known as Iridium Satellite Time and Location, or STL.

Iridium said it expects the Iridium STL line of business to generate more than $100 million in service revenue annually by 2030, with additional revenue from equipment and engineering.

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