Another AGI spinoff created: COMSPOC

Tom Paine

As Exton-based AGI (Analytical Graphics) prepares for the completion of its $700 million acquisition by Ansys Corp (might have already happened), its leaving behind a small flock of interesting spinoffs.

Cesium, the first spinout company from AGI, kicked off last year with a $5 million Series A investment from Falcon Global Capital, to fuel the growth of its platform enabling software developers and data providers to build dynamic, interactive 3D geospatial applications.

.OneSky, a developer of Unmanned Traffic Management (UTM) and Urban Air Mobility (UAM) platforms, was the second.. It announced in April a Series A funding round led by Sumitomo Corporation. (The amount was not disclosed.)

The third was only announced last week in the wake of the Ansys deal..As part of that transaction, AGI spun off the Commercial Space Operations Center subsidiary it established in 2014, creating COMSPOC Corp.

COMSPOC retains the intellectual property, contracts, products and services developed since 2014 as well as its research arm, the Center for Space Standards and Innovation, and the free space data service CelesTrak.

In addition, COMSPOC will continue to operate its space situational awareness command center, a cloud-based platform that curates, fuses and processes space data from a global network of commercial sensors and delivers the information to government and commercial customers.

Up to now, AGI has provided investment and office space in Exton for its staff of 21. But there were no financing details available for COMSPOC’s future.

“COMSPOC and its team of subject matter experts continue to serve as sought-after thought leaders on SSA and STCM, particularly over the last several months as policymakers continue to discuss transitioning commercial SSA/STCM services to the Department of Commerce.”, the company said in its release.

“COMSPOC and AGI, an Ansys company, will operate as strategic partners, and Paul Graziani will serve as CEO of COMSPOC”, according to the release. Will he continue to run AGI?

All three AGI spinoffs are based in Exton.

Fortune’s “Future 50” Philly ties: Veeva Systems, Ansys

Tom Paine

Fortune published the fourth annual editioof its Future 50 index yesterday, which “assesses the long-term growth prospects of large public companies and identifies who comes out on top”, based on analysis of long-term success factors done in conjunction with Boston Consulting Group.

There aren’t any Philly-based companies on it, but two with connections to Philly are.

Veeva Systems, #2, created the dominant Cloud business for the Life Sciences on just $7 milion of venture capital. Veeva has long had a presence in Radnor, formerly led by co-founder Matt Wallach, a Wallingford native.. He stepped down as president in 2019, but returned this year as a non-executive board member.

Veeva has over 300 employees in greater Philadelphia, and also has offices in Fort Washington and Philadelphia in addition to Radnor. Veeva’s CTMS (Clinical Trial Management System) and OpenData businesses are centered in the area.

Founded in 2007, Veeva expects revenue for its current fiscal year of around $1.7 billion , and has a current market value of $40.6 billion.

#41 on Fortune’s Future 50 is Pittsburgh-based Ansys, which specializes in industrial simulation (think “digital twins”).

Ansys recently agreed to acquire Exton-based AGI (Analytical Graphics), which tracks space junk, for $700 million – 67% in cash and 33% in Ansys stock. Ansys had revenue last year of $1.515 billion, and its market cap is a shade under $30 billion.

Who was #1? ServiceNow, under the leadership of ex-SAP CEO Bill McDermott.