Digital lidar SPAC deal to accelerate adoption

December 29, 2020 // By Rich Pell
Digital lidar SPAC deal to accelerate adoption
High-resolution digital lidar sensor company Ouster has announced a merger agreement with special purpose acquisition company (SPAC) Colonnade Acquisition Corp. (NYSE: CLA).

Upon closing of the business combination, which is expected to provide up to $300 million in gross proceeds, the combined company will operate as Ouster, Inc., and is expected to remain listed on the NYSE under the ticker symbol "OUST." The transaction, says the company, will help it accelerate digital lidar adoption in industrial, smart infrastructure, robotics, and automotive markets.

"Ouster is powering the vision for an autonomous future where lidar-powered solutions are ubiquitous and built into every part of the industrial economy," says Ouster co-founder and Chief Executive Officer Angus Pacala. "We have established a strong business with a disruptive digital lidar technology, a diversified customer base, and global manufacturing and supply chain capabilities that are scaling toward high volume production. We believe the combination with Colonnade will enable us to further accelerate the adoption of our proven technology across multiple end markets and realize a safer, smarter, more efficient future.”

The company is a leading provider of high-resolution digital lidar sensors that are designed to give advanced 3D vision to robots, vehicles, and fixed infrastructure assets, allowing each to understand and visualize the surrounding world, and enabling safe autonomy. The company says it designs and manufactures sensors that it believes are the highest performing, lowest cost lidar solution available today across each of its four target markets: 1) industrial automation; 2) smart infrastructure; 3) robotics; and 4) automotive.

The company brought its digital lidar technology to market in 2018 and currently offers a lidar sensor lineup offering over 75 combinations of range, field of view, and resolution configurations. Its sensors are currently used by hundreds of customers globally, providing vision to autonomous vehicles and robots in applications ranging from mining and construction to cars and trucks, to smart city infrastructure.

The business combination values Ouster at an approximately $1.6 billion pro forma post-money enterprise value at a share price of $10.00, assuming no redemptions by Colonnade shareholders and

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