Financial relationships and partnerships needed to build next-generation military space infrastructure

A corporate partner and satellite practice co-head, Steve Kaufman uses industry knowledge and versatility to negotiate and close many types of deals globally.

For 18 of his 30 years at the firm, Steve served as outside general counsel for satellite clients, leading strategic joint ventures, “bet-the-company” contracts, financings, and M&A.

What Steve does best: understanding complex business issues and translating them into legal documents. If a client can describe something, Steve can draft it. Working from complicated to simple, he has many times reduced a lengthy contract into a few pages of bullet points, showing the client what it needs and how to obtain it. He has even written a business and financing model for parties in the form of an agreement. Many clients comment that the business guidance from Steve is as valuable as the legal advice.

Steve relies on his familiarity with issues common to satellite and communications companies to give him an edge in negotiations. This experience produces extra benefits when Steve deals with specialized satellite contract terms, targeted warranties, creative covenants, use of insurance to close gaps, license and spectrum issues, and even finance and accounting matters. According to Chambers Steve Kaufman is “a real authority and somebody who will always know the answer.”

In advising clients, Steve emphasizes practicality, striving to achieve the client’s business objectives for the transaction, whether economic, risk reduction, regulatory/compliance, or transaction speed. This carries over into deal management as well as negotiations, where he willingly takes the lead. Steve and satellite practice co-head Randy Segal are regulars at the satellite conferences, making connections among clients and even adverse parties. He is listed in Chambers, Super Lawyers, and Legal 500.

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.

Matt O’Connell is an Operating Partner with DCVC (Data Collective Venture Capital) (Palo Alto). He sits on the Board of one portfolio company, Capella, and is an observer to another, Fortem.

Prior to joining DCVC, Matt was a Managing Partner at Seraphim, a London-based, publicly traded venture capital firm focused exclusively on space. From October 2015 to July 2016, he was CEO of OneWeb.

Matt founded GeoEye (NASDAQ: GEOY), a leading global provider of satellite and aerial imagery and digital mapping information, in 2003.  GeoEye grew from 60 employees producing $9 million of revenue per year, with an equity value of zero and enterprise value of $33 million, to 760 employees producing $360 million, with an enterprise value $1.3 billion and an equity value of approximately $850 million. In January 2013, he concluded its sale to DigitalGlobe.

Matt began his career on Wall Street as a mergers and acquisitions attorney.

Matt has been recognized as a thought leader in the satellite, digital mapping and intelligence industries.  He has served on many Government and industry advisory panels.

Tess Oxenstierna, Managing Director at Capstone Partners, has over 30 years of experience in the aerospace and defense industry, government policy arena and financial services sector. Tess holds deep domain knowledge and transaction advisory skills, especially in the high growth markets of Command, Control, Communications, Computers, Intelligence, Surveillance and Reconnaissance (C4ISR), Air / Land / Sea / Space Systems, Electronic Warfare, Unmanned Autonomous Systems / Robotics. Prior to joining Capstone Partners, Tess founded the Aerospace and Defense practice at a middle market boutique investment bank, focusing on private and public corporate clients with diverse products such as command and control software for aerial drones, satellite-based force tracking systems and electronic warfare devices used in Afghanistan and Iraq. She was Global Head of Equities Strategy at Lehman Brothers, responsible for strategy development leveraging competitive intelligence, market analysis, and acquisitions across Americas, Europe, and Asia. Transactions included investments in stock exchanges, a NYSE specialist market-maker, and international broker-dealers. Tess was also Director of Corporate Development and Strategy at Raytheon, with deal team transactions valued at over $3.4 billion in sensor automation/ information synthesis, geospatial mission support, network forensics, interoperable communications for homeland security, and commercial aviation/life cycle support. Prior to these transactional roles, Tess worked in the Reagan White House, U.S. Departments of State and Energy, and NATO Headquarters, complementing her combat operational experience as a Commander in the U.S. Navy Reserve.

A recognized industry expert, she was honored with deal awards, such as 2021 Top Women Dealmaker & Leader Award Winner by Global M&A Network, 2021 M&A’s Most Influential Women, 2020 USA Top Woman Dealmaker, 2019 M&A Atlas Awards for Industrials, and 2018 M&A Advisor, Corporate / Strategic Deal of the Year. She has also spoken at Thompson Reuters A&D Summit, Int’l AUVSI Conferences, New York Capital Roundtable and on a tv interview on ABC’s Government Matters. She serves on the Board of the U.S. Navy League – CT Council. In addition, she holds a Ph.D. in War Studies from King’s College London; M.A. from the Fletcher School of Law and Diplomacy and the Kennedy School of Government, Harvard; and B.A. in International Relations from UCLA. In addition to her degrees, Tess studied Corporate Finance at Harvard Business School and British Political Thought, Perspectives on European Union at Cambridge University.