Google announced on Tuesday that it has agreed to purchase satellite imaging firm, Skybox Imaging, Inc. for $500 million in cash.

The acquisition agreement is in its beginning stages and would still be subject to adjustments and "customary closing conditions" as well as regulatory approvals in the U.S., the tech giant said in a statement.

Like Us on Facebook

Representatives from both firms have declined to discuss further details on the agreement.

Skybox Imaging is a satellite company responsible for the manufacture and launch of what is touted as the "world's smallest high-resolution imaging satellite" while still being relatively affordable.

The 5 year old company will initially help Google provide up-to-date imagery for Google Maps. In the long run, Google expects the investment will result in making Internet access more available as well as in aiding in disaster relief, both of which have long been part of Google's agenda.

The deal follows a long list of Google acquisitions that intends to push the firm into new I.T. markets and upgrade its existing services like search and mapping, Bloomberg has learned.

In April, the tech giant announced that it purchased Titan Aerospace, a firm that specializes in creating solar powered drones which is expected to augment the company's efforts toward the development of Project Loon, a program intended to make Internet access available where there are none.

Last month, Google acquired at least 4 I.T. firms including mobile management provider, Divide, to help boost use of Android powdered devices in the business setting, as well as two year old cloud monitoring company, Stackdriver, and restaurant website management provider, Appetas.

Meanwhile, Skybox is optimistic about the integration. In a statement in its website, it referred to the deal as the right time "to join a company who can challenge us to think even bigger and bolder, and who can support us in accelerating our ambitious vision."

TagsTech News, technology news, business news, Acquisition, satellite imaging, mobile devices, mobile applications, Skybox, Imaging