Skybox Imaging announced that they have entered into an agreement to be acquired by Google for a whooping $500 million in a statement they made on their blog Tuesday; “We’re thrilled to announce that Skybox Imaging has entered into an agreement to be acquired by Google!”.

The Mountain View satellite start-up was founded in January, 2009 and provides high resolution satellite imagery and satellite data processing. The company is uniquely known for its impeccable satellite data processing capabilities which seems to be the biggest quality that caught Google’s attentions.

They turn rough satellite data or images of the Earth from space, into information that companies in different industries could use. Satellite imagery has so many applications in a wide array of industries such as meteorology, agriculture, geology and so forth.

Following the announcement of the acquisition deal on Tuesday, Google made a statement indicating that Skybox’s satellites will help improve Google Maps and Google Earth services by making them show more accurate and up-to-date images. “Their satellites will help keep our maps accurate with up-to-date imagery,” said Google in a press release.

They also said “Over time, we also hope that Skybox’s team and technology will be able to help improve Internet access and disaster relief — areas Google has long been interested in.” This indicates that the search giant is also planning to use the satellites for it’s internet expansion project “Project Loon” which aims to expand internet access to areas not connected to the internet in different parts of the world.

Both Google and Skybox share the vision of making information even more accessible and useful, which Skybox indicated in a blog post Tuesday by saying, “Skybox and Google share more than just a zip code. We both believe in making information (especially accurate geospatial information) accessible and useful. And to do this, we’re both willing to tackle problems head on — whether it’s building cars that drive themselves or designing our own satellites from scratch.”