SmallSat M&A 2020: A Year in Review & Trends to Watch Out for in 2021

With 18 years of in-house general counsel experience, Randy Segal brings an individual perspective to every matter she handles, both as your outside counsel and as someone who has walked in your shoes. With a focus on satellite, wireless, drone, and technology transactions, Randy provides commercially practical solutions in industries where technological change is ever-present. Randy’s practice often involves multi-level chess games, where every move needs to be considered from a multitude of angles to be successful.

As a result, Randy’s practice is reflected in three segments. First, as co-leader of the Space and Satellite practice, Randy has handled many types of transactions, from day-to-day matters to the most complex international transactions for industry operators, investors, and technology providers. She has been involved in taking companies public, advising on acquisitions, divestitures, and complex cross-border joint ventures, as well as large satellite system development, deployments and funding.

Second, as an advisor to technology investors and their portfolio companies, Randy has advised on transactions focused on big data analytics, IT, wireless systems, spectrum licenses, environmental analytics, wireless proximity analysis, drone technology, terrestrial positioning, and other innovative technologies.

Third, Randy provides “strand of pearls” advice to global clients, working seamlessly with our international offices to develop familiar, comfortable and “right-sized” solutions. Randy’s extensive cross-border experience has resulted in an extensive tool-kit of resolutions for the most complex of legal regimes. Randy’s transactional and advisory experience is both deep and broad, working throughout North and South America, Europe, Asia and the Middle East and on the most complex of international programs and legal issues.

Tom Gillespie serves as a Partner on In-Q-Tel’s Investment Team and as Investment Lead for In-Q-Tel’s Field Technologies Practice, where he is responsible for identifying technologies that address challenges faced by the Intelligence Community. He is the Investment Team partner associated with IQT’s commercial space initiative, CosmiQ Works, and he has led a number of IQT’s investments in commercial space ventures, including launch vehicles, small satellite constellations, and space situational awareness. In addition, he has led IQT investments in the areas of robotics, materials, power sources, and autonomous systems, as well as several analytics investments.

Prior to IQT, Gillespie was a Strategy Consultant at Booz Allen Hamilton, serving clients in the financial services, aerospace, and government (national security and defense) sectors. Previously, he co-founded LaunchFuel, a venture commercialization firm that created, developed, and advised early-stage technology businesses; Gillespie also directed numerous business and technology strategy projects with Global 2000 clients for AT&T Solutions. Earlier experience includes positions in international privatization and the United States Congress, where he focused on financial services, telecommunications, space, and foreign affairs issue areas.

Gillespie earned a B.A. from Stanford University and an M.B.A. from the Wharton School of the University of Pennsylvania.

Over the past two decades, Mr. Murray has established durable relationships with senior executives at wireless carriers, mobile device manufacturers, satellite communications ventures, aerospace and automotive primes, remote sensing providers, media conglomerates, and major Internet companies in the United States, Europe, and Asia. Mr. Murray has built a broad network of contacts in the venture capital community that fuels ongoing technology and business model innovation in these industries. Mr. Murray consults frequently with regulators and lobbyists in Washington who influence the evolution of mobile technology.

Mr. Murray has led advisory teams on public and private company mergers, leveraged buyouts, special committee assignments, and corporate restructurings. Over the course of his career, he has accumulated extensive public and private capital markets experience, helping clients raise over $150Bn in investment grade and non-investment grade bank debt, bond, and equity capital. Mr. Murray has advised on the successful IPOs of numerous TMT companies on the NYSE, NASDAQ, and LSE.

Mr. Murray spent 14 years at Morgan Stanley in New York and Chicago, where as a Managing Director he was responsible for coordinating the firm’s relationships globally with the satellite and wireless industries.

Prior to joining Morgan Stanley, Mr. Murray spent 5 years at Monitor Company, a strategy consulting firm. Based in Hong Kong, Singapore, and Boston, Mr. Murray focused on corporate strategy, competitive intelligence, supply chain optimization, brand marketing, and point-of-sale activation for consumer goods companies. Mr. Murray also worked closely with global telecom firms on market entry alternatives, with an emphasis on the then-emerging economics of wireless technologies and spectrum auction strategy.

Mr. Murray received an AB in Government, magna cum laude, from Harvard College and studied International Relations and Economics at the London School of Economics.

Noel Rimalovski is a Managing Director at GH Partners, an independent New York-based investment banking firm. Mr. Rimalovski leads the firm’s representation of mergers and acquisitions, corporate restructurings, debt financings, and strategic advisory services to domestic and international clients. At GH, Mr. Rimalovski specializes in the telecom, media, technology, space and defense sectors.

Prior to joining GH, Mr. Rimalovski was with Macquarie Capital, Wasserstein Perella, and Lazard Frères.

Mr. Rimalovski graduated from Tufts College and received an MBA from Columbia Business School.

Mr. Schmidt is a Managing Director at KippsDeSanto & Co., recently acquired by Capital One’s commercial bank, and co-heads the Aerospace & Defense Group, where he focuses on sellside and buyside M&A advisory engagements and sourcing growth capital.  Key areas of experience includes space, defense electronics, and armaments.  Prior to joining KippsDeSanto & Co., Mr. Schmidt worked at a competing investment bank where he helped create a leading Aerospace·Defense·Government Services industry banking group.  Notable space-related clients and assignments include multiple General Dynamics space businesses, BEI Precision, Orbital Sciences, GeoEye, and other space-component businesses.

Leading up to his entry into investment banking, Mr. Schmidt served in various combat arms assignments in the US Army across the globe and in various Joint and Army staffs working on classified intelligence assessments, equipment modernization, and weapons testing.  Mr. Schmidt earned a B.S. in (aeronautical) engineering from the United States Military Academy at West Point, an M.S. in operations research from the Naval Post Graduate School, and an M.B.A. from the Wharton School of the University of Pennsylvania.  He is registered with FINRA as a General Securities Registered Representative (Series 7, 63).

John Stack, Managing Director, Head of Aerospace & Defense Investment Banking (US), has 25 years’ global strategy, business development and M&A experience focusing on publicly-held and private companies.

Mr. Stack previously was VP, Strategy & Business Development and a member of the Senior Leadership Team at Cessna Aircraft Company, where he led the Columbia Aircraft acquisition. Prior to that, he was Director, Strategy Development & International at Textron, where he helped reshape the company’s business portfolio and worked with company presidents on strategic plans, operational challenges and growth. During his career, he has led project, M&A and joint venture teams in more than 15 countries in Europe, the Middle East, Africa and Asia, and he lived in Switzerland for more than four years.

Mr. Stack holds a degree in Business Administration from Bryant University and an MBA from Fordham University. He is a commercial pilot with instrument and multi-engine ratings. He also is a certified Six Sigma Green Belt and proficient in French.